Setting up industrial units now a click away

Setting up industrial units now a click away

Srinagar, Mar 10: The government on Wednesday announced a series of measures to simplify the process of  establishment of a business enterprise in Jammu and Kashmir.Deputy Secretary Industries and Commerce Department Sartaj Hussain Madni in an order said there shall be  no requirement of registration or no objection certificates (NoC) from the Industries and Commerce Department.As per the order, Udyog Aadhaar Memorandum as per the condition of the Government of India would be the only requirement for a business unit to be set up in the region.”Any person who intends to start an enterprise may voluntarily take registration under Udyam/IEM which shall suffice for an industrial unit to establish,” the order reads.The government has also formed two committees who shall monitor time bound approval or NoC required from various departments like power and water connection,  approval of  building plan, change of  land use or land title verification.Earlier, as many as 15 NoCs or clearances were required for a business unit to be established, which have now been reduced to a bare minimum.With a total investment proposal of Rs 22,000 crore, as many as 400 companies have signed Memorandum of Understanding (MoU) with the Jammu Kashmir government to set up their units in the erstwhile state after the abrogation of Article 370.The order said that a “divisional-level single window committee” has also been approved, which would periodically monitor the working of the committees and address issues, if any, related to the issuance of NoCs or approvals.Earlier, the Government of India had approved a new Industrial Developmental Scheme with an outlay of Rs  28,400 crore up to 2037.The scheme is made attractive for both smaller and larger units. Smaller units with an investment in plant and machinery up to Rs 50 crore will get a capital incentive up to Rs 7.5 crore and a capital interest subvention at the rate of 6 per cent for a maximum of 7 years.

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