Govt Launches National Single Window System For Investors – Free PDF Download

What has happened?

• Commerce minister Piyush Goyal last week launched a national single window system (NSWS),
• That will help domestic and global investors in getting regulatory approvals through the online portal, which currently hosts 18 central departments and nine states.
• “Under Prime Minister Narendra Modi Ji’s leadership India rolls out a red carpet for investors! Government soft launches the National Single Window System,
• A go-to digital platform for investors for approvals and clearances,” Goyal said.
• The portal will add another 14 central departments and five states by the end of this calendar year.

benefits

• The minister said investors will get access to all solutions at the click of the mouse through end-to-end facilitation.
• “This would bring transparency, accountability and responsiveness in the ecosystem and all information will be available on a single dashboard,” he said.
• The portal will provide investors services such as know-your-approval (KYA), common registration, state registration, document repository, and e-communication.
• “Launch of National Single Window System is a giant leap towards making India Aatmanirbhar,” Goyal said.

Know your approval

• KYA service is an intelligent information wizard that generates a list of approvals required by any business to commence
• It does so by asking the investor a series of dynamic questions about their planned business activities and identifies the applicable approvals basis the responses provided.
• This service was launched on July 21, 2021, with over 500 approvals across 32 central departments and over 2,000 approvals across 14 states.
• Goyal said the single window system will usher in freedom from running to government offices for approvals and registrations and provide ease of doing business.
• It will provide strength to schemes such as ‘Make in India’, ‘Startup India’, and Production-linked Incentive (PLI) scheme, he said.
• PLI schemes have been announced for 13 sectors with an overall outlay of $27 billion, which is set to create manufacturing global champions for an ‘Atmanirbhar Bharat’, he added.

Made by Invest India

• Invest India undertook the design of overall technology architecture suitable for a system scalable across ministries and states.
• Invest India evaluated and selected technology implementation partners and started developing the system.
• Formed in 2009 for promotion of foreign investment, Invest India is a public-private venture with 49% government’s stake and 51% shareholding is equally held by industry associations –
• The Federation of Indian Chambers of Commerce and Industry (FICCI), the Confederation of Indian Industry (CII) and the National Association of Software and Service Companies (Nasscom).
• The 49% government’s stake is held by the ministry of commerce and industry, and 19 states.
• Industry secretary is the non-executive chairman of Invest India.

Beta version

• The beta version of the portal is open to all stakeholders and the public.
• An official release said the portal will progressively onboard a greater number of approvals and licences, based on user/industry feedback.
• “Though extensive testing by Ministries/States is ongoing, and will continue for next three months to stabilize and optimize the platform, It is critical that extensive feedback from the industry users is accommodated to ensure comprehensiveness and high utility for investors and entrepreneurs,” it said.

conclusion

• “Today, the entire world is looking at India to rise and claim its rightful place as an economic powerhouse,” he said.
• “With a rapid recovery, we are back on track to become one of the fastest growing large economies like the other transformative and nation building initiatives launched in the last seven years,” he said.
• India’s gross domestic product (GDP) has grown at over 20% in the first quarter of FY22, exports has jumped 45.17% in August this year compared to the same period last year, he added.

Q) Among the following options, which one is not the objective of the WTO?

1. Protect environment
2. Improve the balance of payment situation
3. Improve the standard of living of people
4. Enlarge production and trade of goods

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