Will improve investors’ confidence: Ravi Shankar Prasad
As the BJP-led NDA government completes its first month in office, Law and Justice Minister Ravi Shankar Prasad said his Ministry was working towards meeting Prime Minister Narendra Modi’s commitment to provide a single window clearance for projects. This, he said, would improve the investment climate and send a clear message to foreign investors that they could freely invest in India.
In an exclusive interview to The Hindu, Mr. Prasad, who is also the Telecom Minister, said there was an impression that India was one of the most over-regulated countries in the world and one had to obtain 20 or odd clearances for a project and this affected investment climate. He said he had asked the Law Commission to examine whether so many clearances were needed for approvals.
“The Commission has been asked to submit a report in consultation with trade bodies like Confederation of Indian Industry, with a suggestion in creating a more enabled business atmosphere, viz. how many clearances you need for a project with certain mandatory clearances. Also to tell the government whether we can have a process of self-certification from the project proponents that every law had been followed, with a rider that in the event of violation there will be serious punishment,” he said.
Mr. Prasad said he had written to the Law Commission to simplify laws and procedures, repeal redundant and outdated laws to make delivery of justice swift.