Cabinet amends Industries Act to simplify rules
BENGALURU:
The state government has taken a major step towards ‘ease of doing business’ by sanctioning licences to start-ups after 3 years.
The state cabinet on Thursday amended the Karnataka Industries Facilitation Act 2002 to simplify the regulatory framework for new investments and enterprises.
Industries Minister Jagadish Shettar told reporters, “We have taken a historic decision to bring about change in the industrial sector. The amendments are meant to simplify rules and reduce procedural requirements.”
Similar amendments in Gujarat and Rajasthan have been made for the benefit of micro, small and medium enterprises. But the Karnataka amendment has gone a step further and will be applicable to all industries, the minister said.
