Meghalaya Cabinet approves MSIPF Bill, 2024 for improving ease of doing business

Syllad | The Rising MeghalayaFebruary 15, 2024

The State Cabinet Thursday approved the Meghalaya State Investment Promotion and Facilitation Bill, 2024.

Addressing media persons, Chief Minister Conrad K Sangma said, “This particular Bill was approved by the Cabinet and this will be placed in the House for approval.”

He said that the reason behind the decision is because the SWA has been there for a long time and there are many areas which need to be improved.

“Now by coming up with this new Bill, this is going to be a unified system, where unified applications will be done through portals and there will different departments, which will be part of this and there will be a tracking system to track all the investments or applications for investments that are coming to the state will be done,” Sangma said.

Stating that there are different categorization based on the amount of investments, the CM said, “Smaller investments of below Rs 1 crore will be cleared by a committee headed by the deputy commissioner and an investment between Rs 1 crore and Rs 10 crore will be cleared by a committee headed by the chief secretary and any investment which is more than Rs 10 crore will be send to the Investment Meghalaya Authority (IMA), which is headed by chief minister.”

“Hence, 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,” he added.