Fapcci seeks revision of industrial policy

The Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci) has brought up issues regarding appraisal of project cost, its determination and a time limit for sanction and reimbursement of subsidies mentioned in the Industrial Investment Promotion Policy (IIIP) 2005-2010.

The members raised these issues before the Industries commissioner at an interactive meeting held at the Fapcci auditorium recently. The policy, which came into affect from April 1, provides a scheme of incentives for setting up new industries in the state.

The members have also sought to consider the value of plant, machinery and equipment to be installed in a new industrial unit in the overall determination of the project cost, for projects that may be implemented in a phased manner.

The chamber suggested a time limit of 30 days to be fixed for sanction and reimbursement of the subsidies mentioned in the policy from the date of filing the complete application.

Clarifying the issues brought up by the members, Suthirtha Bhattacharya, commissioner of Industries, government of Andhra Pradesh, said, "The present industrial policy stands different from the earlier policies in that it is a 'revenue-neutral' policy."

The quantum of investment that is likely to be grounded through this policy is expected to be Rs 15,000 crore during the five-year period. The subsidies include reimbursement of stamp duty, transfer duty, and power consumption charges.