CHENNAI: Industries minister S Keerthana on Wednesday introduced a Bill to establish the Tamil Nadu Investment Promotion Commission, aimed at facilitating investments and further improving the ease of doing business in the State.
The commission will be headed by the Chief Secretary and will bring 22 State laws under a common investment facilitation framework. The laws include those relating to forests and land, town planning, fire safety, public health and urban local bodies. The proposed commission will facilitate "large, strategic and high-impact" investments, including projects involving Rs 200 crore or more, those expected to generate at least 5,000 jobs, projects linked to free-trade agreements and investments by the Tamil diaspora.
The Industries secretary will be the member-convener of the commission, which will have up to 20 other members. Five investment or industry experts may be invited as special invitees. As per the Bill, directions issued by the commission to State nodal agencies, single-window committees and departments will be binding. The commission will also review industrial land allotted for industrial use but remaining undeveloped. It will examine the utilisation of land allotted by SIPCOT, TIDCO, SIDCO, TAHDCO and ELCOT, among other State agencies.
The Bill also proposes to streamline the timeline for regulatory approvals. Where State laws or subordinate legislation prescribe more than 21 days, or do not specify a deadline, the approval period will generally be deemed to be reduced to 21 days. However, the provision will not override a longer timeline prescribed under a Central law.