Jamshedpur 29th June 2021: Jharkhand’s new Industrial Investment Policy-2021 has been drafted.
It focuses on investors interested in promoting higher and technical education, setting up medical colleges, super-specialty hospitals, and distillery plants for alcohol production.
There is a preparation to give special subsidies and other exemptions to the investors from the state government.
The maximum amount of subsidy has been increased from Rs. 20 crore to Rs. 25 crores.
The proposal has been sent to the State Council of Ministers for approval of this new policy. It is likely to be approved soon.
It is noteworthy that the old industrial policy of the Jharkhand government was effective only till March 31, 2021. No policy is in effect to encourage investors in the state from April 1. Therefore, it has also been said in the proposal to make the new policy effective from April 1, 2021.
In the new policy, the government has made a provision for giving special subsidies, and exemption on setting up distillery plants.
Subsidy Up To 25 Crores, No Stamp Duty
- In setting up of Medical College, Engineering College, Private University, Super Specialty Hospital, 25% amount of capital investment or maximum Rs.25 crore will be given as subsidy in 5 years.
- Apart from this, stamp duty will be waived in the registration of land.
- Other big industries, including steel, cement, textile, whose establishment will invest Rs 400 crore, will get subsidies up to Rs 25 crore and other exemptions.
Why There Is A Change In The New Policy?
- The state government believes that there is a lack of big institutes in Jharkhand in the field of higher education, technical education, and health. If big capital investors come in these areas, then the government will get revenue of crores.
- Jharkhand will become an education hub. The migration of talents will stop.
- The position of the state will be strengthened in the health sector.
- One to two thousand people are expected to get employment by setting up a distillery plant.
Anchor Unit and Early Bird Subsidy
- If the anchor unit is set up by the investors through the new industrial policy, then it will be given an additional 5% capital subsidy on the investment made in the first two units in each district.
- Similarly, if an early bird unit is set up within two years, an additional subsidy of 10% of the capital investment will be given to that investor.