Lucknow: A slew of measures with a target of 11.2 percent industrial growth and to remove regional imbalance in industrial development in Uttar Pradesh were on Tuesday announced in government's Industrial and Infrastructure Investment Development Policy 2012. (Agencies)
UP Cabinet on Tuesday discussed and approved the industrial policy in a meeting chaired by Chief Minister Akhilesh Yadav.
"The policy has been formulated with an objective of attaining the target of 11.2 percent industrial growth in the state. For this financial subisidies and exemptions, strategy for improving industrial environment and skill development provisions have been included in the policy," said Anil Kumar Gupta, Industrial and Infrastructure Development Commissioner.
For removing regional imbalance in industrial development, special facilities have been provided to eastern UP, Bundekhand and Madhyanchal, he said adding that Madhyanchal has been included to achieve objective of the government to boost industrial development in Lucknow, Kanpur and nearby areas.
He said that while preparing the policy, the same in Uttrakhand, Haryana, Rajasthan, MP, Bihar and other states were studied, and discussions were held with stakeholders, industrial associations, and entrepreneurs besides government department.
The policy would provide a holistic guiding policy for departments like food processing, information technology, sugar, micro and small industries etc, he said.
The Commissioner said that 100 percent exemption in stamp duty would be available to the industrial units in Poorvanchal, Madhyanchal and Bundelkhand adding that 100 percent exemption would also be given to infrastructure facilities, information technology, biotech and agro-processing units.
"Industrial estates being developed by private sector will also get reimbursement of 25 percent in state duty", he added.
Elaborating the key points of the policy, Gupta said that iron and steel will be exempted from the entry tax while raw and packaging materials will be enlisted and expanded for a tax liability of only four per cent.
The criteria for availing incentives under investment promotion scheme for new industrial units have been brought down from Rs 10 crore to Rs 5 crore for Poorvanchal, Madhyanchal and Bundelkhand while reduced to Rs 12.5 crore from existing Rs 25 crore for the rest of the state.
Under this scheme, he said interest free loan equivalent to VAT and central sales tax paid by industrial units will be provided for a period of 10 years.
The police also have capital interest subsidy, industrial quality development subsidy, infrastructure interest subsidy schemes to promote industries, he said.
Lucknow: A slew of measures with a target of 11.2 percent industrial growth and to remove regional imbalance in industrial development in Uttar Pradesh were on Tuesday announced in government's Industrial and Infrastructure Investment Development Policy 2012.