In an effort to enhance the ease of doing business in Karnataka; Chief Minister B S Yediyurappa launched the affidavit-based approval system (ABAS) on Monday.
ABAS is launched as a part of the amended Karnataka Industrial (Facilitation) Act and will enable investors to establish a business without multiple clearances for the first 3 years.
Speaking at the launch event, Yediyurappa said Karnataka is a forerunner state when it comes to providing an investor-friendly ecosystem for the business community and various stakeholders.
"The amendment in the Karnataka Industrial (Facilitation) Act is a milestone which would enable investors to establish their business without any clearances or approvals from various departments for the first three years. We are committed to the development of a state-of-the-art business ecosystem in the state, and we have been taking several measures to ensure that the state's commitment to providing ease in doing business in the state of Karnataka," the Chief Minister said.
He further said that in terms of business reforms, Karnataka has taken various historic steps to improve the business climate for various stakeholders.
"These reforms include land reforms, labour reforms, auto-renewal of various licences and clearances and central inspection system. I have no doubt that with the help and support of investors and industry representatives, we will achieve the goal of inclusive and sustainable growth for Karnataka," he added.
The Chief Minister tweeted about the launch of ABAs and said it will help in providing an investor-friendly ecosystem for businesses in the state.
"Launched affidavit based approval system, a historic reform that will enable investors to establish a business without multiple clearances for the first 3 years and provides an investor-friendly ecosystem. This reform will enhance the ease of doing business in Karnataka," he tweeted.
( With inputs from ANI )
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