Guwahati: The Meghalaya Cabinet on Thursday approved the Meghalaya State Investment, Promotion and Facilitation Bill 2024.
This bill will ensure the creation of the Investment Meghalaya Authority (IMA) and this will now replace the Single Window Agency that exists in the state.
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According to Meghalaya Chief Minister Conrad K Sangma, the reason this is being done is because the single window agency has been there for a long time.
And there are many areas which need to be improved. Hence now with the introduction of the new bill, this is going to be a unified system, where unified applications will be done through portals and there will be different departments as part of this.
“There’ll be a tracking system to track all the investments or all the applications for investments that are coming to the state will be done. There have been different categorizations based on the amount of investment so the smaller investments below one crore will be cleared by a committee headed by the Deputy Commissioner and any investment between 1 and 10 crores will be cleared by a committee headed by the chief secretary. Any committee and any investment of more than 10 crores will be sent to the IMA authority which is headed by Chief Minister,” explained Sangma.
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The Chief Minister also added that this will facilitate the easy application process, easy tracking process, and a system that is going to allow ease of doing business and improve the overall ease of doing business in the state of Meghalaya.
This bill approved by the cabinet on Thursday will be placed in the House for approval.