Investment proposals to becleared within 30 days: CM

Patna: CM Samrat Choudhary on Tuesday said all investment proposals for setting up industrial units in Bihar would now receive clearance within 30 days through the State Investment Promotion Board (SIPB), which has been granted the status of a single nodal agency (SNA).The state cabinet on Monday approved a proposal of the industries department to convert the SIPB into the SNA. Under the new system, the SNA itself will obtain necessary documents and clearances from the concerned departments, reducing the burden on investors and helping transform Bihar into an investment destination.Reacting to the cabinet decision, Samrat said in a press statement on Tuesday that the conversion of the SIPB into the SNA makes it mandatory to process and accept all industry-related documents within 30 days. If the stipulated timeline is not adhered to, the investment proposal will be granted “deemed clearance”.He said the entire process would be governed by a standard operating procedure (SOP), ensuring greater transparency and convenience for investors, who would no longer need to visit multiple offices to obtain documents and approvals.“The cabinet took a historic decision for the state’s fast industrial development and creation of extensive employment, which would pave the way for the state’s economic independence, too,” Samrat said, adding that the SIPB secretariat would function as the SNA and has been vested with administrative and legal powers.“Even otherwise, it has been comparatively easy for the investors to establish their industrial units in the state, but making the process more simple, transparent and yielding the result in a time bound manner is also our utmost priority,” he said.Samrat said the primary objective behind transforming the SIPB secretariat into the SNA was to free investors from delays and procedural complexities. Once the SIPB secretariat completes the technical evaluation of a project proposal and submits its recommendation, the SIPB will be legally bound to grant approval within 30 days.If any department or authority fails to take a decision within the prescribed period, the SIPB will be administratively and legally required to accord “deemed clearance” to the project. In such cases, the concerned department will have to comply with the directive without any provision for reconsideration or revision.To strengthen the mechanism, officers from technical and other departments will be posted in the SIPB and will function under the administrative control of the commissioner.