Announcing the West Bengal industrial policy, Chief Minister Mamata Banerjee Thursday said industries would be provided incentives based on production and job creation.
The new system would replace capital subsidies.
"We have decided to give tax benefits and other incentives on production basis. The more is the production and job creation, the industry would be entitled to get tax sops and other incentives," Banerjee told mediapersons here.
Advocating the new incentive scheme, Banerjee said: "Under the capital subsidy scheme, there has been cases where despite getting incentives, projects have not materialised causing loss to the government."
She said her government was targeting for manufacturing growth rate of 20 percent in the next few years from the "4.5 percent during 2010-11", and creation of 6.6 million jobs in the next five years.
Banerjee also said micro, small and medium enterprises (MSME) clusters would be set up in all districts to rev up the sector.
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"Our target is create one crore jobs under the sector and to achieve that we have initiated a number of initiative to help the MSME sector to flourish," said Banerjee.
Announcing the textile policy, she blamed the previous regime for neglecting the sector and said the government has devised special incentives to revive its fortune.
"Along with providing a number of incentives and benefits we would be setting up 200 textile clusters across the state. Our target is to create one crore jobs under the sector in the next 10 years," added Banerjee.