Industry welcomes MP govt's move to extend licence renewal period to 10 yrs

In a bid to boost investor sentiment, the Madhya Pradesh government has decided to renew the licence of industry and trade for 10 years. Currently, industry licences were given for two-five years.

Major industry bodies of the state have welcomed the move.

The announcement was made by Chief Minister Shivraj Singh Chouhan in an event organised by the Federation of MP Chambers of Commerce and Industry.

“The state government is trying to promote industries in every sector. Traders and industrialists should work together for the prosperity of the state,” Chouhan said.

He also said that efforts are on for better investment and employment in the state.

President of Association of All Industries Mandideep Rajeev Agrawal said the announcement will encourage industrialists to focus more on their business.  

“We have been demanding this for a long time. All other rules and regulations, including GST, are for long periods. Only the industrial licence was for such a short period. Now that it has been extended, traders can get rid of the hassle of documentation and fee hike,” Agrawal said.

Gautam Kothari, president of Pithampur Audyogik Sangthan, said, “This move will have a wide impact. The step is especially important for small traders as a lot of their time was spent on completing small formalities. This will eliminate many problems for them.”