Industries Minister hails announcement of Industrial Development Scheme

Apr 27, 2018 14:10 | Poltics

Industries Minister Bikram Singh today said that untiring efforts of Chief Minister Jai Ram Thakur had resulted in the announcement of the Industrial Development Scheme by the Government of India to the new and existing industrial units engaged in manufacturing and service sector in Himachal Pradesh.

He said this would be effective from 01 April, 2017 and would remain in force till 31 March, 2022. Those units which have already commenced commercial production/operation after 01 April 2017 could register under this scheme with Department of Industrial Policy and Promotion, Government of India up to 30 September 2018. The scheme will also be applicable to bio-technology and hydel power generation units up to 10 MW.

Bikram Singh said the people of the state were grateful to Prime Minister Narendra Modi for considering the request of state government and industrial fraternity which would go in long way in the promotion and actualization of 'Sabka Saath Sabka Vikas'.

He said salient features of the scheme includes central capital investment incentive for access to credit (CCIIAC) at the rate of 30% of the investment in plant and machinery with an upper limit of Rs. 5 crores. Besides, all eligible new industrial units and existing units on their substantial expansion located anywhere in the State and are included in Fire Policy 'C' as per all India fire tariffs would be eligible for reimbursement of 100 percent insurance premium on insurance of building and plant and machinery for a period of five years from the date of commencement of commercial production/operation.

Bikram Thakur said that in addition to this, the State government had also decided to waive off 2 percent and 1 percent fees which was collected earlier on rental charges from industrial units and limits of unearned increase which was earlier charged at the rate of 50 percent, 30 percent and 20 percent have been reduced substantially to 20 percent, 10 percent and 5 percent respectively.

He said the Chief Minister had also announced to provide the incentive of partial reimbursement of SGST since the incentives to industrial units pertaining to VAT/CST have ceased to be available after enforcement of GST. In addition, under Mukhya Mantri Swablamban Yojna, youths of the State would also be entitled for subsidy of 25/30 percent up to an investment of Rs. 40 lakh, besides interest subsidy on loan up to 5 percent and government land on 1 percent lease money. These measures will definitely give boost to industrial development in the State, he said adding that this would help in not only retaining the existing industry but also attracting new investment in the State