Delhi introduces new industrial policies to boost investment

Delhi's Chief Minister Rekha Gupta presented a new budget aimed at revitalizing the city's industrial sector. The budget includes fresh industrial and warehousing policies, the establishment of a trader welfare board, and plans for a global investment summit. Gupta emphasized the need to restore investor confidence, which has declined due to bureaucratic obstacles and mismanagement. She pledged that the government will create a business-friendly environment in Delhi. “We will make Delhi the most favorable hub for business and investment in the country,” she stated. At the heart of the new initiative is a policy designed to simplify business procedures and tackle compliance issues. The government will also develop a separate warehousing policy to respond to the growing need for secure storage options. An effort to regularize industrial areas is also underway, along with a single-window system to expedite approvals. Furthermore, Gupta revealed plans to convert leased industrial properties into freehold ones, working alongside the Ministry of Housing and Urban Affairs. Recognizing the poor conditions of some industrial zones, she announced a redevelopment program aimed at modernization. She also declared a commitment to addressing illegal and polluting industries in the region. The budget includes the formation of a Trader Welfare Board to support local businesses. Additionally, Delhi will host its first global investment summit this year, with plans to hold it every two years. Gupta pointed out that Delhi has significant investment opportunities in several sectors, including IT, banking, and tourism. Industry leaders have reacted positively to these initiatives. Raghuvansh Arora, from the Apex Chamber of Commerce and Industries, highlighted the potential for revenue generation and infrastructure improvement by converting industrial plots to freehold. However, he stressed the need for a comprehensive survey to tackle ongoing challenges like poor road conditions and inadequate services.