Incentives in offing as industrial policy comes into effect in Chhattisgarh

Chhattisgarh’s new industrial policy has come into effect with attractive packages for various sectors, mainly the backward areas in terms of industrialisation, to realise the idea of Amritkal Chhattisgarh Vision@2047.

 

The New Industrial Development Policy 2024-29, which came into effect from November 1, will be the sixth after the state came into existence on November 1, 2000. It will exist till October 31, 2030.

 

The new policy has adopted the amendment made by the Government of India in the MSMED Act-2006 in the definition of micro, small, medium and large-scale industries, Chhattisgarh Industry Minister Lakhanlal Dewangan said.

 

Special provision has been made to provide incentives for industrial development for balanced development in the state.

 

Dewangan said that through the new policy, development areas have been classified into three groups keeping in mind the overall, balanced and inclusive industrial development of all areas of the state.

 

In the first group, 10 development blocks have been selected, in the second group, 61 backward development blocks and in the third group, 75 development blocks that are extremely backward in terms of industrialisation have been included. The amount of investment incentives will be determined based on the three groups.

 

To meet the objectives of the New Industrial Policy 2024-29, industrial investment incentives will be provided for establishment, expansion, diversification, replacement and other activities of new enterprises in the state, Dewangan said, adding that core sector products such as steel, cement, thermal power and aluminium have been divided into thrust and general industries keeping in mind the requirements of the state and separate provisions have been made.

 

Attractive industrial investment incentives have been provided for pharmaceutical, textile, food processing, agricultural product protection, NTFP processing, electronic products, IT and ITES etc.

 

Dewangan said that interest subsidy, cost capital subsidy, stamp duty exemption and electricity duty exemption are included in the investment promotion in the new industrial policy. There is provision for reimbursement of value added tax besides mandi fee exemption, disability employment subsidy, environmental project subsidy, transport subsidy, reimbursement of net state goods and services tax.

 

In the new industrial policy, B-Spoke package is provided for the industries of specific sectors on the basis of creation of more than one thousand local jobs with the aim of creating employment for the youth of the state. Naxal affected, weaker section and third gender entrepreneurs will also be eligible for special incentives under the new industrial policy.

 

For the first time in the new industrial policy, provision has been made for separate incentives for MSME service enterprises and large service enterprises under the service sector. The service sector includes activities related to engineering services, research and development sector, tourism and entertainment sector etc. A large number of service category enterprises have also been considered eligible for industrial investment incentives in this policy, including tourism, entertainment and other social services sectors and home-stay services in Surguja and Bastar divisions.

 

Through this policy, a provision has been made for the Entrepreneurship Kranti Yojana to make the youth self-reliant by starting their own business. Under this scheme, there is a provision to provide subsidised loans to the educated unemployed youth of the state to set up their own enterprises.

 

There is a provision for establishment of an industrial corridor to place Korba-Bilaspur-Raipur in the industrial map of the country.