New Delhi: In an effort to achieve the target of attracting $50 billion (nearly Rs 2,34,100 crore) foreign capital inflows into the country by 2012, the government today constituted a high-level committee of state industry ministers that would seek to create proper road maps for states and their industrial development.

This comes in the wake of a meeting held between the Ministry of Commerce and Industry and states trade ministers last month. The committee would comprise industry ministers from Assam, Andhra Pradesh, Madhya Pradesh, Maharashtra, Punjab, Rajasthan and Haryana.

The main responsibility of the committee would be to formulate a states-specific investment promotion programme. Besides, it would also create a single window mechanism for faster clearance of licence requirement and establishment.

The committee would also prepare guidelines for the creation of an industrial land bank consisting of available waste and fallow lands, while leaving aside productive agricultural land as far as possible.

Commerce and Industry Minister Anand Sharma had said that both the Centre and states should together aim at making the country investor friendly. He has set the target of achieving $50 billion foreign direct investment annually by 2012 and $100 billion by 2017.

With respect to the development of special economic zones (SEZs), he had asked the states to issue notifications for exemption of state and other local taxes. He also said that the government must take adequate steps to provide proper connectivity and infrastructure such as water and drainage connection for the SEZs.