MP govt approves new industrial policy to attract investors

The Madhya Pradesh government today approved its new Industrial Promotion Policy-2014, just ahead of its scheduled Global Investors' Summit (GIS) at Indore from October 8-10 to attract major investments.
"The new Industrial Promotion Policy-2014 was approved by the state cabinet at its meeting chaired by the Chief Minister, Shivraj Singh Chouhan," an official release said.
Under the new policy, investors would get a single window facility giving time-bound facilities for which an Online Investors Monitoring and Facilitation System would be implemented.
The Madhya Pradesh Trade and Investment Facilitation Centre (TRIFAC) would act as a nodal agency for the system, it said.

To enhance skill development, infrastructure at government polytechnics and Industrial Training Institute (ITI) would be used, while in major industrial areas, mega ITIs would be established to ensure availability of trained manpower.
The MP government has also decided to constitute an empowered committee under the chief secretary to provide assistance to investment schemes, it said.
As per the new policy, 20 per cent of land in new industrial areas has been earmarked for the medium and small enterprises (MSME) sector and plans to provide assistance of Rs 25 lakh to set up a waste management system, while the condition of minimum area to set up an industrial park in the private sector has been reduced from 100 acres to 50 acres.