3 Ways How Single Window System Would Help Foreign Investors and Indian Government
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According to ET, The Department for Promotion of Industry and Internal Trade (DPIIT) is in a bid to plan to set up a single window system to handhold foreign investors keen to invest in India. Officials or representatives from the state and the centre government will be formulating and maintaining the data in the system. Single Window System will help the officials in assembling the relevant information required by the foreign investors.
As the country has increased the FDI percentage by 28 per cent to USD 16.3 Billion this fiscal year, Foreign investors has forged ahead to seek profit in Indian market. Single window system makes it feasible for these investors to work upon the records and data. The department is also looking to further liberalise FDI norms and they are holding internal meetings with different ministries in this regard
3 Ways how Single Window System would help foreign investors
Through the process, foreign investors would accumulate the information related to import and export regulatory requirement and submit the details about their investment along with the urgent documents. The system would increase the transparency which would help the officials to keep a check on the records without hindrance. Increased in transparency would also assist the investors’ t know about the status of their investment and representatives’ role in it.
Single Window System would help the representatives and foreigners to operate the process with more convenience and less time consumption. Time consuming tasks cut down on the financial records at times, but this system makes it more accurate and faster as compared to the manual operations.
Security has always been a crucial factor in the cross border trade deals and single window system helps to maintain it through better process. With the increasing integration of economies around the world, facilitating the smooth flow of information becomes a vital task for the governments and business. This system collaborates with the cyber security advancements and keeps the information fully secured and confidential.