Kolkata, Nov 5 (SocialNews.XYZ) West Bengal Chief Minister, Suvendu Adhikari, on Thursday unveiled the state’s new industrial policy and announced a host of incentives for attracting new investments in various schemes ranging from power tariff to employers’ contribution in Employees’ Provident Fund (EPF) and from stamp duty exemption to state government assistance in human resource development (HRD).
As per the new industrial policy, electricity tariff exemption will be provided for new investments in both the manufacturing and services sector for up to five years. The state government will also provide financial assistance for rent on leased premises for setting up new units.
In the micro-small-medium enterprises (MSMEs) segment, the state government will provide loans at affordable interest rates and also help in the implementation of new technologies.
The financial assistance will be more in the case of new investment proposals in the industrially backward sub-divisions in the state. In case of mega projects, where 50 jobs will be created per acre, the state government will provide assistance in the construction of roads and ensuring water and electricity connections at the earliest.
The state government also proposed stamp-duty exemptions on land for industrial projects and assistance in human resource development.
The new industrial policy also proposes 100 per cent duty-free for educational institutions or hospitals run from the corporate social responsibility (CSR) corpus, provided the industry house concerned invests at least Rs 100 crore behind that education and medical project.
The most attractive of the different incentive proposals was as regards to the state government assistance in employers’ contribution in EPF, with a focus on generating employment for people from the transgender community.
In the MSMEs segment, the state government will bear the entire employers’ contribution to EPF for women and transgender employees for up to 10 years. In case of male employees in the MSME segment, the state government will bear 50 per cent of the employers’ contribution for the same period.
In cases of units with more than 200 employees, the state government will bear 75 per cent of the employer's contribution for female and transgender employees and 50 per cent for male employees.
In large units and mega projects with at least 200 employees in priority areas and at least 400 employees elsewhere, 50 per cent of the employers’ contribution in EPF will be borne by the state for up to five years.
Employment will have to be created in the case of expansion of old industrial units. In case of investment in plant and machinery, the total assistance limit for general units will be 100 per cent.
In thrust sector units, it will be 110 per cent, and in priority sectors, it will be 120 per cent. However, assistance will be provided gradually after the beginning of production.
The new industrial policy has also fixed the deadlines for clearances for new industrial units. According to it, all applications should be made through a single-window portal, where the certificate of intent will be granted within 30 days, and the certificate of eligibility will be granted within 45 days from the beginning of production.
Source: IANS
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