The government intends to promote scheme of ‘plug and play’ for further fast-tracking investment proposals especially for projects having substantial foreign investment. This was discussed in a meeting called by Prime Minister Narendra Modi on Thursday to form strategies for attracting more investment, from both local and foreign.

‘Plug and play’ concept normally refers to ready facilities in terms of building, power-water-sewage connectivity, road connectivity, beside other basic things including clearances in hand required to start the industry. This concept gained ground in 2015 when the then Finance Minister Arun Jaitley said in his Budget speech that the government proposes to set up five new Ultra Mega Power Projects, each of 4000 MWs in the plug-and-play mode. The government would also consider similar plug-and-play projects in other infrastructure projects such as roads, ports, rail lines, and airports, he had mentioned.

This concept was again discussed at length in the meeting chaired by PM and attended by Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce & Industry Minister Piyush Goyal, Minister of State in Finance Ministry Anurag Singh Thakur, besides senior government officials. “It was discussed that a scheme should be developed to promote more plug and play infrastructure in the existing industrial lands/plots/estates in the country and provide necessary financing support,” a statement issued by the Prime Minister office said.

This approach is being considered at a time when many companies are moving out of China and looking for alternatives. The government feels with corporate tax rate at 15 per cent for newer manufacturing units along with good number of skilled workforce and availability of land resources in various parts of the country, make India an attractive destination. Also, that there is need of more investments to restart pandemic lockdown-affected industry .

Considering all these, during the meeting, the PM directed that the action should be taken for a more proactive approach to handhold the investors, to look into their problems and help them in getting all the necessary Central and State clearances in a time bound manner.

Various strategies to bring investments into India in a fast-track mode and to promote Indian domestic sectors were discussed. Detailed sessions were held on guiding States to evolve their strategies and be more proactive in attracting investments.

Ideas for MSME

Meanwhile, Road transport and Highways and MSME (Micro, Small and Medium Enterprises) Minister Nitin Gadkari launched Bank of Schemes, Ideas, Innovation and Research portal on MSMEs.

The Portal gives access to all Schemes of Union, State and UT Governments. It has the provision for uploading ideas, innovations and researches in the sector. The portal has unique features of not only crowd sourcing of Ideas, but also evaluation and rating the ideas by crowd sourcing. It can also facilitate inflow of venture capital, and foreign collaboration.

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