Shillong: The Meghalaya Cabinet, on Thursday, granted approval for the Meghalaya State Investment, Promotion, and Facilitation Bill 2024. This legislation paves the way for the establishment of the Investment Meghalaya Authority (IMA), set to replace the existing Single Window Agency within the state.
Chief Minister Conrad K Sangma explained that the transition is imperative due to the long-standing presence of the single window agency, coupled with the identified areas requiring improvement. The newly proposed bill aims to establish a unified system, streamlining applications through portals and involving various departments.
Sangma highlighted key features, stating, “There’ll be a tracking system to monitor all investments or applications for investments in the state. Categorisations based on the investment amount will be implemented, with smaller investments below one crore handled by a committee led by the Deputy Commissioner. Those between 1 and 10 crores will be cleared by a committee led by the Chief Secretary, while any investment exceeding 10 crores will be forwarded to the IMA authority, chaired by the Chief Minister.”
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He emphasised that this systematic approach aims to simplify the application and tracking processes, fostering an environment conducive to business and enhancing overall ease of doing business in Meghalaya. The Bill, having received Cabinet approval, will now undergo scrutiny in the House for final approval.
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