Implementation of reforms key to pull investments, says Indo -US trade body

February 21, 2021

Panaji: The Goa government’s drive towards ease of doing business reforms and initiatives to attract new investment depend on actual implementation of the policies and regulatory reforms, the Indo-American Chamber of Commerce (IACC) stated in a report presented to the state government on Friday. IACC has recommended that the state must adopt a constructive, adaptive, robust and efficient (CARE) approach while bringing in business reforms.

 

IACC, which held deliberations with leaders from Goan industries, identified lack of digitisation and e-processing, lack of infrastructure, transparency and accountability as challenges for existing as well as new businesses. IACC along with Shardul Amarchand Mangaldas & Co prepared a white paper on ease of doing business for Goa, which was submitted to chief minister Pramod Sawant.

 

Sawant said that the recommendations and ideas will surely help the state prepare a long-term approach in ease of doing business.

 

“The success of the initiatives taken to encourage growth of the existing industries and to attract new investment lies in the actual implementation of the policies and regulatory reforms that are brought in the state of Goa,” the report stated while recommending that Goa’s socio-economic, ecological and cultural heritage should go hand-in-hand with business-friendliness and supportive regulatory environment.

 

The report states that it is important for the Goa government to address the concerns that are industry specific, provide necessary infrastructure and utility support for new industries as well as for existing industries to grow.

 

“We analysed the extensive data collated by IACC through a questionnaire from 26 top industry leaders from across diverse sectors who participated in the high level round table deliberation on ease of doing business which was held on January 14, this year,” Shardul Amarchand Mangaldas & Co partner Radhika Dudhat said.

 

Goa was ranked 24th in the state-wise rankings for ease of doing business announced in 2020 based on Business Reform Action Plan (BRAP).

 

“While Goa’s ecosystem can sustain industrial development at all levels, the state needs to give them an extra push with business-friendly reforms,” IACC (West) first vice-president and Ease of Doing Business Committee chairman Saurabh Shah said. While calling for permissions to be granted in a time-bound manner, the report states that government and regulatory authorities should be made accountable for delays with punitive action being taken for the delays.