CG EMERGING IMPORTANT INVESTMENT DESTINATION

Permanent Capital Investment Grant now provisioned for micro as well as small and medium industries

Soon after the formation of new government in Chhattisgarh, certain revolutionary changes were made in the industrial policy. These changes are important for redirectig the course of state’s economy towards inclusive development. Main objective of these changes is to give a matured 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. Till date only micro industries were eligible for cash grant. Fulfiling various demands of the industrial organizations, 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, 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 Government would provide subsidy in the transport cost as well. Government has decided to provide a subsidy of Rs 20 lakh every year. Under the leadership of chief minister 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. Evaluation period of the permanent capital investment, on expansion of the existing industries, has also been extended. To promote Steel sector, the spine of the industries in state, State Government has announced special incentive package under Be Spoke Policy. These would be the units to execute MoU with State Government.