Octroi exemption for big industries gets Nashik civic body nod

Nashik Municipal Corporation (NMC) has approved the octroi exemption norms for big industries suggested by the NMC panel.

The panel was formed following the state government's directive to look into the policy issues involved in exempting big industries from octroi so as to attract more investments to the district.

The Octroi Norms Committee, formed by the NMC administration, has recommended that industries bringing in fresh investments of Rs 500 crore or more should be exempted from octroi. Sick industries are also included in this category.

This is part of the state's initiative to attract big industries to the state by offering them several sops in the form of tax reliefs. And the policy seems to be bearing fruits.

The state has managed to lure Mahindra & Mahindra to set up its Rs 550-crore unit at Nashik and Motor Industries Co. Ltd to invest Rs 500 crore in the common rail injector project at its Nashik plant.