April 17, 2021
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J-K Govt Brings New Measures To Ease Investment, Says 'No NOC, Registration Required'

The Jammu and Kashmir government approved a series of measures for simplifying the business establishment process in the region.

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J-K Govt Brings New Measures To Ease Investment, Says 'No NOC, Registration Required'
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J-K Govt Brings New Measures To Ease Investment, Says 'No NOC, Registration Required'
outlookindia.com
2021-02-14T20:32:09+05:30

The Jammu and Kashmir government on Sunday announced a series of measures to ensure easy investment in the Jammu and Kashmir region.

A government spokesman on Sunday said the Administrative Council (AC) met under the chairmanship of Lieutenant Governor, Manoj Sinha on Saturday and approved a series of measures for simplifying the business establishment process.

“The pre-requisite No Objection Certificates (NOCs) and approvals have been relaxed for setting up of a business unit. The Udyog Aadhar Memorandum as per the condition of the Government of India shall be the only requirement for a business unit to be set-up,” a government spokesperson said.

“Earlier, as many as fifteen NOCs, clearances were required for a business unit to establish, which have now been reduced to a bare minimum. These bare minimum NOCs, approvals shall be required subsequently, for which two sets of single window committees have been established-one for business units coming up within Industrial Estates and another committee for Units outside the Industrial Estates,” the spokesman said.

He said these committees will ensure time-bound issuance of the NOCs, approvals pertaining to the power connection, water connection, building plan, as per specified timelines on a case-to-case basis.

“No prerequisite approvals shall be required as a general rule except for NOCs, approvals from departments like Pollution Control Board, Fire and Emergency Department, change of land use from Revenue Department, wherever applicable,” the spokesman added.

Sinha said that consistent policy actions are being taken to encourage large scale investment, innovation in the region. “The recent decisions are taken by the government in business sector. The new Industrial Developmental Scheme will give a fillip to Jammu and Kashmir’s economy. These ambitious structural reforms will not only improve Jammu and Kashmir’s ranking in the Ease of Doing Business Index but also create an unshakeable foundation for business entities, industries planning to invest in the Union Territory,” the Lt Governor claimed.

The government of India had last month approved a new Industrial Developmental Scheme with an outlay of Rs. 28,400 crore up to 1937.

 


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