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At 2 lakh+ Micro, Small and Medium Enterprises (MSMEs), the sector forms the backbone of manufacturing in Punjab, and has witnessed focussed efforts from the state government in promoting its growth.. For instance, last year, the state passed the Punjab Right to Business Act 2020. The Act aims to enable ease of doing business (EoDB) for the newly-incorporated MSMEs through an enabling ecosystem for self-declaration, exemptions, speedier approvals, and inspections to establish and operate in the state. In addition, it has also implemented reforms such as removing imprisonment terms, building flexibility and reducing oversight in labour rules, and pursuing a data-driven assessment of service delivery delays. These efforts are aimed towards facilitating a seamless regulatory environment for MSMEs and thereby making entrepreneurship easier in Punjab.
Punjab cabinet paves way for deemed approval of regulatory clearances, auto-renewal for industrial projects ANI | Updated: Feb 19, 2021 22:43 IST
Chandigarh (Punjab) [India], February 19 (ANI): To facilitate new industrial projects to take off without delay, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Friday gave the nod to amend the Punjab Bureau of Investment Promotion Act, 2016 (PBIP Act, 2016) to incorporate provisions for automated deemed approval of various regulatory clearances.
Enabling the provision would not only expedite speedy approval/clearances but also assure industrial units of a time-frame within which clearances would be granted. With this Punjab becomes one of the few states to grant deemed approvals.