Lucknow, April 28 -- To promote industrial growth and attract investment, the Uttar Pradesh state government has introduced a Third-Party Audit Scheme aimed at making compliance more transparent and less burdensome for businesses.
Under the new system, no immediate punitive action will be taken against industrial establishments. Instead, units will first receive a notice with an opportunity to rectify issues, followed by a second notice if needed.
Prosecution will only begin after approval from a senior authority, reducing undue pressure on industries.
The national federation for Indian MSMEs, Federation of Indian Micro and Small & Medium Enterprises (FISME) has welcomed the scheme, noting that it had long advocated the need for ...