Facilitate business

Time required to start a business plays an important role in the entrepreneurial initiatives and investment plans.Easy procedures and single-window-clearance-system followed in some countries— or for that matter in fast-growing states like Gujarat, Hyderabad, etc. in India— for legally permitting businesses to start, have direct bearing on the entrepreneurial initiatives as well as the size of investments these places attract. Stringent procedures and rigid official formalities quite often dampen the spirit of entrepreneurs, create impediments in the flow of investments, slowdown economic growth and curtail employment opportunities. Against this backdrop, chief minister, Omar Abdullah’sstrong support for single window clearance system in industrial department and bringing various services related to clearance of industrial units under the ambit of Public Service Guarantee Act (PSGA) is welcome.
We have umpteen number of instances in the state where hectic procedures and rigmarole of official formalities compel the budding entrepreneurs to bury their dream projects, or abandon them midway. A state that has failed to cope with its burning unemployment problem, cannot afford to lose the stock of its entrepreneurs by allowing the procedural hiccups to come their way. In this view of the matter, the constitution of a Secretaries’ Committee headed by Chief Minister’s Principal Secretary is a good initiative. The committee tasked to suggest the mechanism of making single window clearance system in industrial department meaningful, will look into all aspects of Single Window functioning and come up with its suggestions.  The Chief Minister has also directed the Jammu and Kashmir Bank to sensitize its Branch Managers about releasing of sanctioned loans up to Rs. 10 lakh to the budding entrepreneurs without demanding any guarantee of two government employees or asking for mortgaging property as are clear directions of the RBI. This is something that is serving as a big impediment for the entrepreneurs in the state in general and in Kashmir in particular. Jammu and Kashmir Bank has also been asked to ensure clearance of cases sponsored by Entrepreneurship Development Institute (EDI) hassle-free, smooth and time bound so that young entrepreneurs launch their units without any wastage of time. The need of the hour is to implement such laudable initiatives on the ground and see to it that starting business becomes as hassle-free in Kashmir as it is in some fast growing states in India.

Lastupdate on : Tue, 28 May 2013 21:30:00 Makkah time
Lastupdate on : Tue, 28 May 2013 18:30:00 GMT
Lastupdate on : Wed, 29 May 2013 00:00:00 IST

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