The Investment Promotion Board (IPB) held its 25th Board meeting and has cleared seven investment projects, worth Rs. 2228 crore, with a potential to create over 5000 jobs. The project includes three expansions, including a convention centre by Delta Corp near the upcoming Mopa Airport that is expected to generate 4000 jobs.
Among the projects is a joint venture between an Indian company and a South Korean firm to make FRP (Fibreglass reinforced plastic) doors for the maritime sector. The investment, partially through the foreign direct investment (FDI) route, has got in-principle approval from the IPB.
While the cleared investment proposals include companies from the manufacturing, service, food processing and hospitality sectors, IPB also cleared IFB Industries Ltd’s proposal to set up a manufacturing unit for air conditioners and Unichem Laboratories’ proposal to set up a pharmaceutical unit in Goa.
CM Pramod Sawant, who heads the board, stated that along with seven new projects being approved, a few projects which were cleared at the earlier meeting were taken up for discussion.
Sawant chaired the meeting in the presence of industries Minister Vishwajit Rane, Chief secretary Parimal Rai, Industries Secretary J Ashok Kumar and IPB Chief Executive Officer Vandana Rao.
The board discussed reasons behind the lack of interest in certain industrial estates, particularly in the hinterlands and remote areas of the state, such as Sanguem and Canacona.
During the meeting Sawant inquired about the status of pending cases and called for better coordination between the Goa State Industries Development Corporation (GIDC) and IPB for allotment of land to industries. Sawant said that the government is working on amending the IPB Act and IPB rules. “IPB rules were taken for discussion and we will make sure they are notified soon. We will fast-track them. We want fast-track projects, for which we need to bring in amendments.”
It was further decided that review meetings of the IPB will be regularized and the Chief Minister will meet the Board after every three weeks so that the work can be expedited and proposals can be cleared in time-bound manner. It was also decided at the meeting to recruit more staff, given that the IPB is currently under staffed.
IPB CEO Vanadana Rao said, “The meeting dealt on the various projects which have been received by Goa IPB. The Board approved a number of projects and several crucial decisions have been taken keeping in mind the State’s Policy. The meeting also discussed about which industrial estate to promote and how. It has been decided by the Board to take meetings at a greater frequency.”
Industries Minister Vishwajit Rane said that the functioning of GIDC and Goa IPB needs to be proportionate so that investment projects can be fastracked.
Aside from the projects that were cleared, around 10-15 more companies have submitted investment proposals, which are being evaluated by the IPB and the satellite consultant. The projects are likely to be taken up in the coming month at the IPB meet.
Manoj Caculo, GCCI President, stated that the investor response is very positive as many companies are interested in investing in Goa and it’s up to the IPB to send and deliver the right message.
Sawant has further directed the IPB to hold board meetings every month so that clearances can be granted within 30 days.
