The three-day Global Investors Summit-2014 has opened in Indore, the financial capital of central Indian state of Madhya Pradesh, with the announcement that the state government will constitute a separate ministry for medium, small and micro enterprises (MSMEs).

Madhya Pradesh Chief Minister Shivraj Singh Chouhan announced a slew of measures to simplify the aspects of doing business in the state.

It was also announced that Laghu Udyog Samvardhan Board is likely to be headed by the chief minister.

He said all the approvals and licenses will be issued within a fixed timeframe and action will be taken against officials responsible for delays.

The government will also make the process of applying for approvals and licenses online in all the major departments such as Pollution Control Board.

Also, the industries will not have to apply for renewal of licenses or permissions every year. They can be renewed between 5 to 15 years, depending on the industry. “We want to free the industry from the inspector raj,” he said.

In a bid to promote entrepreneurship, Chouhan said the government would provide bank guarantees to make it easier for the youth to avail loans ranging from Rs.1 million to Rs.10 million for setting up an enterprise.

He also announced setting up of Rs. 1 billion venture fund to provide equity capital for start-ups with innovative ideas.

The first day of the summit was dedicated to MSME convention wherein Kalraj Mishra, federal minister for MSMEs, was the chief guest.

While the main event will be formally inaugurated by Prime Minister of India Narendra Modi on Thursday (October 9).

Country sessions, meanwhile, were conducted by four countries — Canada, Czech Republic, Mexico and Peru. Various investment possibilities were discussed on the opening day.

About 500 foreign delegates are attending the summit.

These include ambassadors and officials from 28 participating countries.

Seven countries have given their consent to become partners in the Global Investors Summit.

They include Australia, Canada, South Africa, Mexico, Malaysia, Czech Republic and Quebec.

MSMEs Minister Mishra announced plans to open 30 to 40 incubation centers to train entrepreneurs in the state and a tool room costing Rs.1,500 million.

He said 500 district-level incubation centers will be opened in the country.

He said that registration of micro and small industries could be carried out online.

For this, self-certification will be made the basis. Mishra said that Madhya Pradesh has made a positive initiative by launching Make in Madhya Pradesh for fulfilling mission of ‘Make in India’ of the prime minister.

He said that small and medium industries were being attracted to Madhya Pradesh because of improvement in infrastructure and state government’s industry-friendly policies.

“MP’s agricultural growth is now highest in the country and I am sure that one day the state will also lead in industrial growth,” he remarked.