In a bold move to revive the business sector and boost investor confidence with a business-friendly environment, the Administrative Council (AC) approved a series of measures for simplifying business establishment process.
The pre-requisite No Objection Certificates (NoCs) /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. Earlier, as many as fifteen NoCs/Clearances were required for a business unit to establish, which have now been reduced to a bare minimum.
Consistent policy actions are being taken to encourage large scale investment, innovation, restoring Jammu Kashmir’s advantage in resources and skilled workforce to create a business-friendly environment and drive economic growth.
The recent decisions taken by the government in business sector including new Industrial Developmental Scheme will give a fillip to Jammu & Kashmir’s economy.
These ambitious structural reforms will not only improve the J&K’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.