CII hails govt move to extend validity of industrial licence

Tags: News
Industry body CII today said the government's decision to extend validity period of industrial licence to three years sends a strong signal that it is committed to enhance the ease of doing business in India.

Seeking to improve ease of doing business in India, the government today decided to extend the validity period of industrial licence to three years with a provision for further extension of two years.

However, the commerce and industry ministry's press note said that the licence will lapse automatically after five years in absence of commencement of commercial production.

"It is heartening to see that for the extension of the industrial licence the companies are not required to go back to the licensing committee. It would now be done with the approval of the concerned Joint Secretary of Administrative Ministry".

"We hope that this would help in expeditious clearance of fresh industrial license applications and the extension of the existing industrial licenses," CII Director General Chandrajit Banerjee said.

Recently, the government took steps to improve India's ranking in ease of doing business. Recently, it has de-licensed several defence products for private sector. It has also upgraded the National Industrial Classification Code with a view to make business climate more investor friendly.

According to a World Bank report, India ranks at 134th position out 189 economies.

In its election manifesto, BJP has said that it would ensure "that a conducive, enabling environment is created making 'doing business' in India easy. We will focus on cutting the red tape, simplifying the procedures and removing the bottlenecks".

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Those willfully defaulting on loans should be blacklisted by Sebi

    As reported by this newspaper’s Monday edition, the Securities and Exchange Board of India (Sebi) has found merit in the Reserve Bank of India’s s

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Kickstarting technological innovation

One of the key dimensions of global competitiveness is the ...

Kuruvilla Pandikattu SJ

Developing moral, spiritual capacity

Writing in The Huffington Post, Noam Chomsky, professor emeritus, MIT ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture