 "diamond industry")
The government on Monday said that all industrial licences issued under the IDR Act will now be valid for 15 years as against three years with a view to promoting ease of doing business.
The Industries (Development and Regulation) Act deals with issuance of licences to industries.
"In supersession of all earlier Press Notes, the period of validity of industrial licence is being extended from three years to fifteen years for all kinds of Licenses henceforth to be granted under IDR Act in line with the validity of licenses being issued for defence items as a measure for ease of doing business," the Department for Promotion of Industry and Internal Trade (DPIIT) said.
Streamlining the procedure for grant of industrial licences, the DPIIT said an extension of three years may be granted by the concerned ministry as per specified guidelines.
These guidelines are applicable for extension of validity of the licence in cases where the existing licence holder has not commenced production of the items within 15 years of issue of licence.
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"The application for extension of licence should be submitted to the concerned administrative ministry/ explosive section (DPIIT), prior to the expiry of 15 years period or otherwise specified for commencement of commercial production," according to the guidelines.
It added that applicants should meet certain conditions at the time of applying for extension.
These conditions include acquisition of land either under ownership or on lease for a minimum period of 30 years; construction on the project should have been completed; and plant and machinery for the project should have been installed/commissioned.
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