Agartala: Tripura’s ongoing push towards business reforms and deregulation has started producing visible results, with the state attracting private investments worth thousands of crores over the past few years, a senior official said on Thursday.
Industries and Commerce Secretary Kiran Gitte said the northeastern state has emerged as a frontrunner in implementing business reform measures prescribed by the Centre.
“Tripura has retained the top position for two consecutive years in the area of business reforms and deregulation. We completed reforms in all identified sectors within the stipulated timeline,” Gitte told reporters.
He said the Centre had identified 23 reform sectors last year, all of which were completed by Tripura in a short period.
“This year, the number of sectors increased to 28 and we achieved the target before April 30. Jammu and Kashmir, which is next on the list, completed reforms in seven sectors,” he said.
According to the official, the state’s performance had also received appreciation at the national level.
“When the Chief Minister met the Prime Minister last year, our work in this area was acknowledged. The Chief Secretary was later invited to make a detailed presentation on Tripura’s reform model,” Gitte said.
Explaining the measures undertaken, he said the government introduced a single-window online portal to simplify approvals and licensing procedures for entrepreneurs.
“We have tried to remove procedural bottlenecks that discouraged private investment. Relaxations were introduced in land norms for educational institutions, while self-certification and third-party certification have been permitted for smaller constructions up to G+3 level,” he said.
He added that similar reforms were brought in sectors such as healthcare, hospitality and labour regulations.
“Rules relating to clinics, hotels and labour operations were simplified to make the investment climate more conducive,” the secretary said.
Gitte said investment summits and roadshows organised by the state government across different states generated investment proposals worth nearly Rs 35,000 crore.
“Out of these proposals, projects worth around Rs 5,352 crore have already been grounded,” he said.
Clarifying the term, he said grounded investments refer to projects where land allotment has been completed and implementation work has commenced.
“In most of these projects, nearly 30 per cent of the development work has already been completed,” he added.
The official said the current scale of private investment was significant when compared with the size of the state’s economy.
“Tripura’s annual budget is around Rs 34,000 crore, while capital expenditure stands close to Rs 10,000 crore. Against that backdrop, the level of private investment being attracted is quite encouraging,” he said.
Expressing optimism over future prospects, Gitte said the state could eventually attract private investment matching the scale of its annual budget.
“If the present momentum continues for another year, investment inflow equivalent to the size of the state budget may become achievable,” he said.
Another round of investment summits is expected to be organised in July, where the government hopes to sign fresh agreements worth Rs 30,000 crore to Rs 40,000 crore, he added.
The official also highlighted recent changes in the land leasing policy introduced by the Tripura Industrial Development Corporation.
“Industrial lessees are now allowed to transfer or sub-lease land, which has made industrial assets more flexible and commercially viable,” he said.
Citing an example, Gitte said land earlier held by Dharampal Satyapal Group was later transferred to Jindal Group, which invested nearly Rs 400 crore over the last two years.
“The unit is now supplying GCI sheets across the Northeast from Tripura,” he said.
He further said approval had been granted for setting up a new 50-seat medical college at Kulai.
“In addition, 19 pharmacy and nursing colleges are expected to come up in the state, while proposals for five new universities are also in the pipeline,” Gitte added.