Cases Considered for In-Principle Approval under Right to Business Act
A meeting of the district-level committee was held on Monday, chaired by Deputy Commissioner (DC) Jitendra Jorwal, to consider cases for in-principle approval under the Right to Business Act, 2020. This act facilitates regulatory clearances and provides benefits such as electricity duty exemptions and stamp duty exemptions for setting up industrial units in Ludhiana.
City Air News
Oct 28, 2024 03:39
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Ludhiana, October 28, 2024: A meeting of the district-level committee was held on Monday, chaired by Deputy Commissioner (DC) Jitendra Jorwal, to consider cases for in-principle approval under the Right to Business Act, 2020. This act facilitates regulatory clearances and provides benefits such as electricity duty exemptions and stamp duty exemptions for setting up industrial units in Ludhiana.
DC Jitendra Jorwal highlighted that one of the major achievements of the policy is the simplified approval process for incentives aimed at micro, small, and medium enterprises (MSMEs). New projects and expansion or modernization projects can now apply through the "Business First" portal to obtain all regulatory clearances and fiscal incentives online in a timely manner.
During the meeting, seven cases were approved under the Right to Business Act, six were rejected, and three cases were deferred for the next meeting. With in-principle approval, units can commence construction activities and must obtain regular approvals within 3.5 years from the date of approval issuance.
Additionally, seven projects with investments of up to ₹10 crores in plant and machinery under the Industrial and Business Development Policy (IBDP), 2017, and four projects with investments up to ₹25 crores under the IBDP, 2022, were also approved by the district-level committee. One project was rejected for being time-barred. The approved cases include incentives such as stamp duty exemptions; CLU/EDC charges exemptions, and SGST reimbursements.
The DC further stated that this policy will undoubtedly boost the morale of the industry, encouraging more businesses to take advantage of the benefits offered. He emphasized that the policy has multiple advantages, including substantial fiscal benefits, and assured that application monitoring is conducted by senior authorities to ensure timely approvals for various clearances.
