With the objective of improving ease of doing business, the Department of Industrial Policy & Promotion, Ministry of Commerce and Industry has issued a Press Note No. 10 (2015 Series) dated September 22, 2015 (“Press Note 10”) amending an earlier Press Note No. 5 (2015 Series) dated April 27, 2015. Press Note 10 further extends the initial validity of Industrial License (“IL”) for defence sector to 15 (fifteen) years, further extendable up to 18 (eighteen) years for existing as well as future ILs.
This further extension of validity of IL’s for defence sector is a welcome change keeping in mind the long gestation period of defence contracts to mature.