New Bussiness Policy In Andhra Pradesh Govt. || AP Cabinet approved Draft Bill
Andhra Pradesh: The Cabinet also approved a draft Bill to grant statutory status to the AP Economic Development Board.
The proposed AP EDB Act, 2018, expected to be introduced during the ensuing Budget session of the state Legislature, would also grant statutory status to the State Investment Promotion Board and the State Investment Promotion Committee.
What Is AP Economic Development Board Act?
Which is inspired by Singapore Govt. Now Ap Govt looking forward to introduce new act in bussines. On March 17, 2016, the government issued the GO 87, establishing the State Economic Development Council in Andhra Pradesh as a way to get capital for the state. The chief minister Chandrababu Naidu is the chairman. It was decided to bring legislation to self-sufficiency in the Economic Development Council. The draft bill was created and approved by the cabinet meeting on February 21. The bill will be passed in the Assembly budget meetings. Previously, the CS-led State Investment Promotion Committee, established by the GO and the head of state-run Investment Promotion Council, has also been given the autonomous status of the Economic Development Council.
The Finance Ministry and the Justice Department have expressed objection that many of the draft Bill passed by the State Economic Development Authority is contradictory to business rules and have a monopoly rule in various branches. Furthermore, the bill made it clear that the decisions of the State Economic Development Council were not challenged in courts and no prosecutions would be possible. The council members, including the members of the board, officers, employees, consultancy or any court may not be allowed to file cases. The Council of Economic Development has concluded that decisions should be taken with good intentions and that no courts should be allowed the petitions that make these decisions wrong.
“This move would further propel the Board to work towards accelerated economic development, provide the financers and investors with greater confidence and minimise the chances of any litigation,” the official release said.