Shimla, March 18 (IANS): The Confederation of Indian Industry (CII) on Wednesday hailed Chief Minister Virbhadra Singh's announcement in his budget speech to reduce the time frame for clearing industrial proposals by half.

"Reducing the permission time through single-window clearance for setting up of new industries from 90 days to 45 days is a welcome step in promoting the state as an industrial hub," chairman of the CII-Himachal state council Rajiv Aggarwal said in a statement.

He said strengthening the single-window clearance agency, reducing the electricity duty and amendments in labour laws to enable sustainable industrial growth were also positive initiatives.

Budgetary announcements such as allocation of funds to develop the industrial area in Baadi in Solan district and time-bound refund of value added tax will certainly attract more investments to the state, he said.

"CII also appreciates the announcements to develop ropeways and promote heli-taxis between Chandigarh, Shimla and other tourist destinations that would boost the tourism industry, and act as the key enablers for this sector to flourish," he added.