MP to focus on ease of doing business than on financial incentives

The Madhya Pradesh government has assured investors that they will not have to pursue the government as the state sought to accelerate its economic growth through the Rs 3.77 lakh crore intents of investment that have come its way through the Global Investors Summit. 

Today was the second and last day of the GIS in Bhopal. While Prime Minister Narendra Modi had inaugurated the summit, Home Minister Amit Shah stepped in for the closing ceremony. 

Chief Minister Mohan Yadav said that his government had worked for a whole year to create an ecosystem for investment and that its results were visible in this first summit held in Bhopal.

The previous such summits were held in Indore which is the industrial capital of the state.

As per figures given by Yadav in his concluding remarks, 100 industrialists, 300 companies and some 25,000 participants had been part of the summit. There was representation from 60 countries. On the sidelines, 5000 B2B meetings and B2G meetings were held. 

While the state has done a massive policy revamp, its focus is more on ease of doing business than on financial incentives. 

As an example, from the 28 clearances required to set up a hotel or resort the number has been brought down to 10. Plus there are investment cells at the district level, too, at the Collector's office to further ease processes. Grievances, too, would be addressed at the district level. 

That the state is committed to further easing this was brought out by the state's chief secretary's remark that the already investor-friendly portal of the state would be further simplified. 

To reduce the burden of compliance new industrial units will be exempt from inspections in the first three years of operation.

Sectoral reviews of investment intents will be held every week. And these will be reviewed at the chief secretary level every month. 

The state will also explore further investment opportunities in sectors such as real estate, textiles and health.