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Mp Approves Sez Policy

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BUSINESS STANDARD
Last Updated : Feb 26 2013 | 1:02 AM IST

The Madhya Pradesh Cabinet has approved the Special Economic Zone policy and the Madhya Pradesh Mining Policy, 2002. Chief minister Digvijay said as per the provisions of the policy, special economic zones in the state will have world class facilities. The state will launch the process of creating special economic zones on August 7 in Indore. The zone will be set up with an estimated investment of Rs 1,050 crore and will come up over an area of over 1,038 hectares. The Indore special economic zone will create a world-class industrial township. It will have complexes for soya processing, fabrication, automobile manufacturing and a warehousing and a trading hub. Moreover, there will be facilities for gems and jewellery, textiles and pharmaceuticals. The Madhya Pradesh State Industrial Development Corporation has been made the nodal agency for the development of the special economic zone.

The special economic zone policy provides for arrangements pertaining to power, labour, water, zone management, environment and financial resources. The units to be set up in the special economic zones will not be required to seek any prior permission to establish captive power plants. These units will also be exempt from commercial tax, turnover tax, value-added tax, Octroi, mandi tax, purchase tax and power cess.

Projects in the these zones will be implemented with private sector participation and the state government will provide its share in the form of land.

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The nodal developer will cooperate with international and domestic investors, including financial institutions, foreign institutional investors and funds. The developer will also be responsible for infrastructure development and zone management.

Under the Madhya Pradesh Mining Policy, 2002, the state government will accord priority to the survey of minerals that are in demand and have good export prospects. A modern laboratory will also be set up at the newly established directorate of geology and mining.

As per the provisions of the policy, applicants willing to establish 100-per cent export units based on export-oriented minerals, like granite and marble, will be offered concessions.

In order to promote exports, the state will display its mineral wealth at various fairs.

The rates of commercial tax, royalty, anticipatory fee and other tariffs imposed by the forest department will be examined and made competitive.


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First Published: Aug 05 2002 | 12:00 AM IST

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