Reforms & deregulations bearing fruits: Tripura eyes to attract private investment equal to state's budget

The Government of Tripura’s intensive focus on business reforms and deregulations are bearing fruits as private investments worth several thousands crores have been grounded in the last couple of years here, Tripura Industries and Commerce Secretary Kiran Gitte told reporters on Thursday. 

According to the senior official, Tripura has secured the first position in business reforms and deregulations for the last two consecutive years by accomplishing the targets in 28 diverse parameters set by the central government. 

“Last year, a total of 23 areas were selected where reforms were supposed to be brought. Tripura emerged as the first state to get the work done within a very short period of time. This year as well, we have accomplished our goals in 28 sectors within April 30 retaining the first position. Jammu and Kashmir stands second in the list but it has only completed reforms in as many as seven areas,” Gitte explained. 

He said that Tripura’s performance last year drew national acclaim. “When our Chief Minister called on the Prime Minister last year, he mentioned that and praised our efforts. Our Chief Secretary was also invited to give a full presentation on how we achieved our target within such a short period of time,” he added. 

Shedding light on the kinds of reforms which had been introduced in the business sector, the senior official said, “We have introduced a single window swagat portal through which the prospective businessman can access all the licensing authorities from one stop. We have also abolished unnecessary barriers that were hindering private investments. For schools and universities land requirements had been relaxed. For small buildings self certification and third party certification for up to G+3 constructions had been approved. For clinics as well, we have relaxed rules. Labour related barriers and working hour restrictions had also been relaxed. For hotel business we have relaxed barriers. In most of the cases, a one stop solution has been introduced and all these efforts are paying off.”   

Stating that Tripura has so far grounded investments worth Rs 5,352 crore, Gitte said, “In investments summits and road shows conducted in several states, we have signed MoUs worth Rs 35,000 crore. Out of that private investment worth Rs 5,000 crore has been grounded. If you look at our budget which is worth Rs 34,000 crore with a capital expenditure outlay of Rs 10,000 crore, the volume of private investment we are drawing is very impressive.” 

Explaining the term grounding, Gitte said, “The term grounding refers to land allotment to the private entity willing to set up business here. Those who had received land, have already completed 30 percent of the work.” 

Setting the sight at equal public and private investment, he said, “If we keep working at the same pace and momentum for the next one year, attracting private investments equal to the quantum of the state's total budget can become a reality. In the month of July, we shall organise another phase of investment summits and we are hopeful of signing MoUs for business set up worth Rs 30 to 40 thousand crore.” 

Citing a few instances, Gitte said, “Tripura Industries Development Corporation has brought reforms in the land leasing policy. Now a lessee is empowered to sub-lease or transfer his land. The Dharampal Satyapal ground which had a big factory here transferred their land to Jindal ground which has invested Rs 400 crore in the last two years. This factory is catering to the demand of GCI sheets of the entire North East from Tripura. A new 50 seated medical college has got approval which would be set up at Kulai. A total of 19 pharmacy and nursing colleges are coming here in Tripura. As many as five new universities are coming.”