Important Amendments made in the Industrial Policy to attract industries in Chhattisgarh

Soon after the formation of the new government in Chhattisgarh, certain revolutionary changes were made in the industrial policy. These changes are important for redirecting the course of the state’s economy towards inclusive development. The main objective of these changes is to give a mature form to the state’s economy.

Under the New Industrial Policy 2019-24, the new government of the state has notified 21 important amendments. Small industries have been given options of Capital subsidy in cash or GST completion. To date, only micro industries were eligible for cash grants. Fulfilling various demands of the industrial organizations, the Government has decided to provide subsidy in cash or GST to small and medium industries as well. Special Industrial Investment Incentive Package has been announced for entrepreneurs of Scheduled Caste and Scheduled Tribe category. Benefits provided under this package would be far better than the previous industries’ policies. Like the new industries, the Government would also promote the old industries. Till date, Industries had to bear the total transport expenses for exporting goods from the state to other countries. Now the Government would provide a subsidy on the transport cost as well. The government has decided to provide a subsidy of Rs 20 lakh every year.

Under the leadership of Chief Minister Mr. Bhupesh Baghel, State Government has separately defined MSME in the new industrial policy and it has also issued the definition of extensive service entrepreneurship. As per the demands of investors, Permanent Capital Investment Grant has been provisioned for small and medium category industries as well. Earlier, it was limited to only micro industries. The evaluation period of the permanent capital investment, on the expansion of the existing industries, has also been extended. To promote the Steel sector, the spine of the industries in the state, the State Government has announced a special incentive package under Be Spoke Policy. These would be the units to execute MoU with the State Government.

    Chhattisgarh state start-up package has been included in the policy to incorporate new ideology in industries and create new jobs. These start-ups will be provided more facilities with fewer formalities, as compared to the other industries. In order to promote inclusive growth, a special industrial investment incentive package has been released for the entrepreneurs belonging to the Scheduled Castes and Tribes. Under this, Scheduled Caste and Tribe class entrepreneurs will get more benefits from the earlier facilities.

    Through the core sector, large, mega, ultra mega industries will now be given full exemption in electricity duty on setting up industries on location of any category. Now it is no longer necessary to be a 100 percent exporter of the unit for transport grants. Micro, small and medium scale industries to be set up by the eligible entrepreneurs of the general category will be provided land premium on the allotment of land in the industrial areas of CSIDC and the Department of Industries. Fulfilling the much-awaited demand of entrepreneurs, the State Government has reduced the land transfer fee and has increased the maximum limit for starting production.

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