Roles & Responsibilities of the Investment Promotion
The Board would provide and/or facilitate approvals from the Government of Goa and its entities. The Board would also provide assistance in obtaining clearances from the Central Government or its entities.
The role of the Investment Promotion Board will include
1. Review (approval/rejection) of all investment proposals as per the policy;
2. Draft approval process, guidelines and standard operating procedures for new investments. Reviewing and modifying these processes on an ongoing basis;
3. Appoint and manage the satellite expert consultant;
4. Facilitate approvals for investors to set up their units in Goa;
5. Promote Goa as an investment destination nationally and internationally;
6. Provide feedback and suggest interventions to the Government of Goa on investment climate and policy and regulatory environment on an ongoing basis;
7. Identify infrastructure gaps hindering investment growth in Goa on an ongoing basis and suggesting short, medium and long-term rolling plans to the Government to bridge the gaps;
8. Provide dispute and grievance redressal for investors.
The Investment Promotion Board will be empowered to oversee and direct the Directorate of Industries, Trade and Commerce (DITC), Goa Industrial Development Corporation (GIDC), Goa Tourism Development Corporation Ltd. (GTDC), Economic Development Corporation Ltd. (EDC), Infotech Corporation Goa Ltd. (ITG) and other concerned bodies towards speedy processing of investment proposals and investor facilitation. The said bodies will be responsible and accountable for realization of the allotted tasks in a time-bound manner.
The Investment Promotion Board will frame an exit policy which will set the framework for any industrial unit desirous of shutting down their operations in Goa.