New Delhi: The initial validity period of industrial license has been revised from two years to three years, extendable up to seven years by allowing two extensions of two years each.
Earlier, initial validity of Industrial License was for a period of two years with a provision of granting two extensions of two years and one year respectively.
According to the changes, the applicant may be granted extension of Industrial License by the concerned Administrative Ministry without referring the application to Licensing Committee.
These measures have been taken to streamline the procedures for the grant of industrial license, as a measure of ease of doing business.
The measure undertaken includes improving ease of doing business through delicensing and deregulation, online payment system for services, simplification of forms, self-certification etc.
It also enables creation of new infrastructure in industrial corridors, skilling workforce, nurturing innovation and creating positive mindset towards industry.