The bill provides for the creation of an administrative and operation framework for the GoaInvestmentPromotion and FacilitationBoardas asingle-windowclearance facilitation mechanism. The prime objective is to ensure that clearance, licences, permissions and approvals are granted in a time-bound manner under relevant state laws so as to provide an investor friendly Environment in the state.
The government had formulated the Goa Policy, 2014, which envisaged a legal framework to be established through an act.
The cabinet note said that the State Government felt a need to enact a new law that would result in investors choosing the Goa as a preferred destination for setting up their projects.
The state government had constituted a special task force committee to revive and suggest necessary amendments in the Goa Investment Promotion Act, 2014.