India's Orissa State "Investment Destination of Choice": UNIDO
www.tmcnet.com, July 2, 2009
NEW DELHI, Jul 02, 2009 (AsiaPulse via COMTEX) -- Minerals-rich Orissa is fast moving up in the chart of investment-friendly destinations in India, as domestic and global demands for natural resources is rising rapidly, says a United Nations body.
A radical improvement in fiscal and budgetary positions and adoption of progressive business-friendly legislations have transformed the image of the state as an "investment destination of choice," says an investors survey by the United Nations Industrial Development Organisation (UNIDO).
"There has been a massive boom in investment in the state of Orissa over the last five years, led by the mining and the metals sector and stimulated by the rapidly rising domestic and global demand for the minerals and metals produced in the state," it says.
The survey reveals that investors responded positively to the single window mechanism introduced by the state government under the Orissa Industries (Facilitation) Act, 2004.
"About half the investors since 2005 are now exclusively using this route rather than going through individual departments as in the past... The average time reported to clear customs has been reduced drastically from 15 to 9 days," it points out.
The state in the east coast has now also achieved the Indian national average in terms of the time spent by the management in dealing with regulations and government authorities, the survey says.
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