Tuesday, June 7, 2011

New industrial promotion policy approved; Power sector gets priority

June 7, 2011, Patna: Nitish government today approved an industrial promotion policy for the next five years incorporating a slew of incentives to woo private investment and encourage them to set up units in Bihar .

The new industrial promotion policy was finalised at a cabinet meeting presided over by Chief Minister Nitish Kumar, Principal Secretary (Cabinet Coordination and Secretariat) Ravikant told reporters here.

He said the formulation of a new industrial promotion policy was needed after the earlier policy had expired on March 31 and was extended for three months till June 30.

The new industrial promotion policy will become effective from July 1, Ravikant said.

Principal Secretaries (Industries) C K Mishra said that a slew of incentives like subsidy, exemption from registration and stamp duty, refund of VAT to the tune of 80 per cent of the tax quantum and grant for purchase of equipment have been incorporated to woo the private investors to Bihar.

The investors will get 50 per cent grant on purchase of parts and machineries for setting up captive power plant for their units and the same will be to the tune of 60 per cent for captive power plants based on renewable energy sources, Principal Secretary (Industries) said.

No comments:

Post a Comment