In alignment with Prime Minister Narendra Modi’s vision of “Developed India 2047,” the Government of Chhattisgarh has introduced the Industrial Development Policy 2024-2030, crafted under the vision of Amrit Kaal Chhattisgarh Vision @ 2047. This policy aims to promote economic growth, industrial innovation, job creation, and sustainability across the state. With a strong focus on fostering a business-friendly environment, the policy encourages investments and strengthens the MSME (Micro, Small, and Medium Enterprises) sector, recognizing industries not just as a means for economic development but also as a pillar for social prosperity and job creation.
Key Highlights of the Industrial Development Policy 2024-2030
- Financial Incentives and Subsidies:
- SGST Reimbursement: Net State Goods and Services Tax (SGST) reimbursement is offered to eligible businesses to support their operations.
- Capital Investment Subsidy: Subsidies on fixed capital investment are provided to encourage new industries and expansion of existing ones.
- Interest Subsidy: Financial support in the form of interest subsidies to reduce the burden on businesses and promote industrial growth.
- Electricity Duty Exemption: Exemption on electricity duty for specified industries to reduce operational costs.
- Stamp Duty Exemption: Stamp duty exemption is offered to eligible projects, facilitating easier access to industrial land and resources.
- Concessions on Natural Resource Usage:
- Land Use Change Fees: Waiver of charges related to land use conversion, benefiting industries operating outside designated industrial zones.
- Land Allotment Fee Concessions: Land banks outside industrial areas are available at concessional rates, with further discounts on service fees for land allotments handled by the CSIDC (Chhattisgarh State Industrial Development Corporation).
- Project-Specific Grants:
- Project Report Grant: Financial assistance for preparing project reports for new industries.
- Quality Certification Grant: Subsidies to support obtaining quality certifications, helping industries meet national and international standards.
- Technical Patent Grant: Assistance for filing patents, encouraging technological innovations and protecting intellectual property.
- Technology Acquisition Grant: Financial support to adopt new technologies, improving operational efficiency and competitiveness.
- Margin Money Grant: Provides margin money grants to assist businesses in securing loans and other financing options.
- Special Employment Grants:
- Support for Marginalized Groups: Employment grants for differently-abled individuals, retired defense personnel, and reformed former extremists, encouraging inclusive growth and social reintegration.
- Environmental and Resource Efficiency Initiatives:
- Environmental Management Project Grant: Assistance for implementing environmental management systems and other eco-friendly practices.
- Energy Audit and Efficiency Subsidy: Subsidies for energy audits and improvements in energy efficiency, promoting sustainable industrial operations.
- Transport and Export Subsidies:
- Transport Grant: Financial aid to support transport expenses for export-oriented industries, facilitating access to global markets.
- Land Premium Discounts for Industrial Areas: Reductions in land premium rates within industrial zones and parks, encouraging business expansion.
- Support for MSME and Thrust Sectors:
- Special Assistance for MSME and Priority Sectors: Specific incentives for MSME and thrust sectors, such as agriculture and food processing, biofuel production, and non-timber forest products. These sectors are recognized as critical to the state’s economic framework and are given additional benefits like fee reimbursements.
- NSE Listing Incentive: Expenditure reimbursement for MSME units that list on the National Stock Exchange (NSE), promoting easier access to capital and encouraging transparency in operations.
- Skill Development and Employee Training:
- Employee Training Cost Reimbursement: Financial support for employee training programs, particularly for MSMEs and IT enterprises, ensuring that the workforce is skilled and capable of meeting industry needs.
- Incentives for Training Scheduled Tribe/Caste Entrepreneurs: Reimbursement of training expenses for employees in MSMEs owned by entrepreneurs from Scheduled Tribes and Scheduled Castes.
Leaders’ Vision for the Policy
Chhattisgarh’s Chief Minister Vishnu Dev Sai stated, “This policy is not merely an economic tool but a foundational step toward job creation and community well-being.” He believes that the policy will not only create a robust industrial ecosystem but also generate new employment opportunities over the next five years, ensuring sustainable development.
Lakhanlal Dewangan, Minister of Commerce and Industry for Chhattisgarh, highlighted, “This policy is an invitation to become a part of Chhattisgarh’s extraordinary journey of growth. With ambitious goals for economic growth, job creation, and sustainability, the state is ready to embark on a new era of economic prosperity.”
Objectives and Long-Term Goals
The Chhattisgarh Industrial Development Policy 2024-2030 is designed to meet the following objectives:
- Accelerate Economic Growth: Attracting both national and international investors to develop industries that align with the state’s resources and economic potential.
- Empower Local Businesses: Focusing on MSME growth through financial and operational assistance, creating a supportive environment for small and medium enterprises.
- Job Creation and Skill Development: Generating diverse employment opportunities, particularly for marginalized and disadvantaged communities, by fostering inclusive growth.
- Promote Sustainable Industrial Practices: Encouraging energy-efficient and environmentally friendly practices within industries to minimize ecological impact.
- Enhance Infrastructure for Industry: Improving industrial parks and providing easy access to necessary infrastructure, such as land, energy, and transport, for seamless industrial operations.
Conclusion
The Industrial Development Policy 2024-2030 by the Government of Chhattisgarh marks a significant step towards transforming the state’s economy. This policy is not just a roadmap but a call to action for investors, entrepreneurs, and business leaders to participate in Chhattisgarh’s growth story. By focusing on economic progress, sustainability, and job creation, the state aims to lay the foundation for a prosperous future. The policy represents a golden opportunity for industries to thrive in a supportive environment, paving the way for Chhattisgarh to play a key role in realizing Developed India 2047.
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