Functions of the Board.

Functions and Powers of the Board

The functions of the Board shall be, —

1. (i) generally, to promote the State as an investment destination nationally and internationally;
2. (ii) notwithstanding anything contained in any other State law for the time being in force, to exercise the powers of any competent authority for the purpose of promoting and facilitating investments;
3. (iii) subject to the provisions of this Act to,—

1. (a) facilitate grant of approvals from the competent authorities under the relevant Statutes;
2. (b) facilitate grant of approvals from the Central/other State Government departments/agencies, bodies and Corporations, etc. owned by any other State;
   • (iv) in particular and without prejudice to the generality of the foregoing functions, to perform all or any of the following functions, namely:-
3. (a) approve, reject, review, cancel or revoke any investment proposal with respect to the criteria specified in subsection (1) of section 5 as also with reference to the proposal referred by it under sub- section (2) of section 5 to the Sub-Committee constituted under section 17;
4. (b) appoint such other committees to assist the Board in the performance of its functions;
5. (c) appoint such officers to assist the investor in obtaining clearances in a timely manner and facilitate all clearances, including consent to operate;
6. (d) appoint and manage consultants;
7. (e) forward the application of the investor to the concerned person, officer or

Competent Authority under the State law for processing and disposal within the time limit specified in sub-section

1. (1) of section 39;
   • (f) monitor the status of the applications;
   • (g) pursuant to grant of in principle approval, examine and review any decision taken by any Competent Authority under the relevant State law;
   • (h) draft the approval process and frame guidelines, schemes and Standard Operating procedure for new investments and review and modify such processes, schemes, guidelines and Standard Operating procedure;
     • (i) notify the process and criteria for selection and recommendation of an applicant for allotment of land/plots to special projects.
   • (j) facilitate approvals for investors to set up their units in the State;
   • (k) identify and recommend areas to be notified or de-notified under this Act as Investment Promotion Areas;
   • (l) provide feedback and suggest interventions to the Government on investment climate and policy and regulatory environment;
   • (m) identify infrastructure gaps hindering investment growth in the State and suggest short, medium and long term rolling plans to the Government to bridge the gaps;
   • (n) seek membership of national and international investment promotion agencies including World Association of Investment Promotion Agency to promote the State as an investment destination amongst the national and international trade community;
   • (o) take all necessary measures to boost and promote agricultural industries, cottage industries, dairy farming and eco-tourism;
   • (p) provide time bound dispute and grievance redressal mechanism for investors;
   • (q) frame an exit policy and submit it to the Government for approval, which will set the framework for any industrial unit desirous of shutting down their operations in State;
   • (r) submit its suggestions to the Government in respect of any policies laid down by it as also in respect of Regional Plan, Outline Development Plan, Development Plan, Land Use Maps and/or all other regulations made under various State laws;
   • (s) take special measures to approach and invite investors for promoting industries and boosting investments in the State;
   • (t) adopt, apply and implement any Central Government Scheme for promoting industries in the State;
   • (u) decide on any matters related to the projects approved including but not limited to name change, change in constitution or shareholding, review, cancellation and revocation of proposals;
     • (v) examine proposals for setting up of any project received by it and take appropriate decisions, including recommendation to sanction customized packages for such proposals to the Government.