Chhattisgarh announces incentives under new industrial policy

New Delhi, Nov 9 : Chhattisgarh has notified 21 important amendments in its new Industrial Policy 2019-24, offering small and medium industries the options of capital subsidy in cash or GST benefits.

Till date, only micro industries were eligible for cash grant.

A Special Industrial Investment Incentive Package has been announced for entrepreneurs belonging to the Scheduled Castes and Tribes categories. Benefits provided under this package would be far better than those given under the previous policies, the state government claimed.

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Like new industries, the state government would also promote established ones.

Industries bearing total expenses on export of goods from Chhattisgarh to different countries, will now be given subsidy of Rs 20 lakh per annum on transportation cost.

Chief Minister Bhupesh Baghel said: “The state government has separately defined the MSME in the new industrial policy as well as extensive service entrepreneurship. As per the demands of investors, Permanent Capital Investment Grant has been provisioned for small and medium category industries as well.”

Evaluation period of permanent capital investment on expansion of existing industries has also been extended.

To promote the steel sector, the state has announced special incentive package under Bespoke Policy.

A start-up package has been also been included in the Chhattisgarh policy to inject new technology in industries and create more jobs. These start-ups will be provided more facilities with less formalities.

Large, mega, ultra mega industries will now be given full exemption in electricity duty on setting up industrial units in locations of any category. It is no longer necessary to be a 100 per cent exporter for transport grant.

Micro, small and medium industries to be set up by eligible entrepreneurs in the general category will be provided premium on the allotment of land in the industrial areas of Chhattisgarh State Industrial Development Corporation and the Industries Department.

Fulfilling the much-awaited demand of entrepreneurs, the state government has reduced the land transfer fee.

Disclaimer: This story is auto-generated from IANS service.

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