New Odisha Industrial Policy Offers Land & Power Concessions| MENAFN.COM

Thursday, 09 February 2023 02:56 GMT

New Odisha Industrial Policy Offers Land & Power Concessions


(MENAFN- KNN India) New Odisha industrial Policy offers land & power concessions

Bhubaneswar, Dec 1 (KNN) The Odisha cabinet chaired by chief minister Naveen Patnaik on Tuesday approved the Industrial Policy Resolution (IPR) 2022 to attract investments to the state.

The new IPR will be applicable for five years, said an official statement issued by the government on Wednesday.



“The major objectives of the policy is to make Odisha the industrial hub of Eastern India, to promote industries in the identified thrust and priority sectors, to develop bestin-class industrial infrastructure, to create an enabling environment for start-ups and MSMEs, and to promote innovation, research & development in new areas of technology,” the release said.

The new industrial units in priority and thrust sectors will be provided with 100 per cent exemption from payment of electricity duty for 7 and 10 years respectively. Besides, the new industrial units in the priority and thrust sectors will be provided reimbursement of power tariff of Rs 2.00 per unit for 7 and 10 years respectively from the date of commencement of commercial production.

In the new policy, the state has identified thrust, priority, others and negative categories. The IPR 2022 will offer best-in-class incentives for units established in the thrust and priority sectors in the state.

“Eligible industrial units in the thrust sector and priority sector shall be provided 30 per cent and 20 per cent capital investment subsidy respectively on actual investment in plant & machinery, which shall be disbursed in a phased manner. New industrial units under thrust and priority sectors shall be eligible for reimbursement of 100 per cent of net SGST paid, overall limited to 200 per cent of the cost of plant and machinery,” said the press release.

New industrial infrastructure development projects that will
be implemented
include Odisha East Coast Economic Corridor along the National Highway 16, Biju Economic Corridor along the Biju Expressway covering the western Odisha districts.

Industries coming up in these areas will be considered under the thrust sector category and will be incentivised accordingly and Odisha East-West Economic Corridor from Khurda to Jharsuguda. As per the policy, every district shall have at least one dedicated MSME park.

“Necessary measures shall be taken for making available telecommunication, gas, effluent treatment, waste management and disposal and other utilities in the industrial regions. New IDCO (Odisha Industrial Infrastructure Development Corporation) Towers, Workers Hostels, Multimodal Logistics Parks shall be set up at selected locations across the state. The proposed policy is expected to attract significant investments and generate employment besides generating revenue.

As per reports, the Odisha government has also approved the Odisha Renewable Energy Policy, 2022 and the Odisha tourism policy.
(KNN Bureau)

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