By IANS,
Lucknow : After a gap of eight years, Uttar Pradesh will have a new industrial policy that aims at achieving 11.2 per cent sectoral growth in the state.
The state cabinet, at a meeting here chaired by Chief Minister Akhilesh Yadav, Tuesday cleared the policy, which was formulated in consultation with all stakeholders like industrial associations, entrepreneurs and government departments.
The policy for industrial and service sector investment for the state was last made in 2004.
A government official said industrial policies of neighbouring states like Uttarakhand, Haryana, Rajasthan, Madhya Pradesh, Bihar and a few other industrially advanced states like Maharashtra, Gujarat, Karnataka were studied and relevant features were included in the new policy.
Industrial and Infrastructure Development Commissioner (IIDC) Anil Kumar Gupta said “attractive incentives” for Bundelkhand and eastern regions of the state had also been provided in the policy.
The policy has provision for 100 per cent exemption in stamp duty to industries in Poorvanchal, Madhyanchal and Bundelkhand and to roads, power, wholesale, trans-shipment centres, warehousing, cold storage as well as information technology, biotech, agro-processing units.
Industrial estates being developed by private sector will also get reimbursement of 25 per cent in stamp duty.
Eligibility criterion for new industrial units to avail incentives under the ongoing investment promotion scheme has been brought down from Rs.10 crore to Rs.5 crore for Poorvanchal, Madhyanchal and Bundelkhand, while it has been reduced to Rs.12.5 crore from Rs.25 crore for the rest of the state.
The policy also envisages launching a new capital interest subsidy scheme, under which new industrial units to be set up in Poorvanchal, Madhyanchal and Bundelkhand shall get reimbursement at 5 per cent on interest rate of loan taken for plant and machinery.
A special ‘EPF reimbursement scheme’ has been planned to generate new employment opportunities. The scheme includes provision of reimbursement of 50 percent of EPF contribution by new units for their workers for three years, if the new units employ 100 or more labourers.