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A New Policy For Industrial Growth

A New Policy For Industrial Growth

The state government has proposed additional incentives in the form of subsidies on interests on industrial loans and power in the new industrial policy. It is being finalized by the state government to promote industrial development and attract new entrepreneurs.

The draft of new industrial policy has been roughly finalized by the state government and probably declared soon. It will comprise of special incentives for agro-industries. Approximately interest subsidies of around 5% will be given on bank loans taken by such agro-based enterprises.

In this new policy power tariff subsidies of 75paisa to Rs 1 will be for new industries. For expansion projects of existing industry, subsidy of around 75 paisa to Rs 1 per unit will be given.

In the year 2007, the state government had earlier initiated the Incentive Package Scheme. In which octroi, electric power incentives and value-added tax (VAT) were included. All these will continue for the industries in the new industrial policy.

For new industry or for expansion projects of small, medium and large industry, approximately 30% to 50% per cent Value Added Tax (VAT) will be refundable. This scheme is valid for small, medium and large industries under 'C', 'D' and D+ industry zones, whereas it is valid for small industries under 'B' zone. Besides, there is 100 per cent stamp duty release while acquiring land in C, D and D+ zones.

Furthermore, 100% octroi release is also being outlined for new industry set up within municipal corporation jurisdictions the limits of municipal corporations.

The Ambad and Satpur industrial areas of MIDC, which come within limits of the Nasik Municipal Corporation (NMC), should be able to benefit of getting these benefits.

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