Itanagar, Sep 12 (UNI) The Arunachal Pradesh Government has framed a new industrial policy-2007, the third in a row, to boost investment for economic development of the state.
The major thrust of the new policy is on attracting investment from both local as well as outside investors in all sectors, a government official said today.
Industries department Joint Director Subu Tabin, has said, the duration of existing leasing policy for 30 years has been extended to 99 years, while license ownership to all entrepreneurs of medium and big industries with capital investment above Rs 5 crore have been considered for inclusion in the new policy. The exemption of Value Added Tax (VAT), sales tax upto 99 per cent, stamp duty upto 99 per cent, and cent per cent equity share for investors provided in the draft to boost investment were major changes.
In an appeal to entrepreneurs to recognize the changing global economic scenario, the joint director asked for formulating a pragmatic and liberal economic policy to facilitate all-round development in the state.
Prominent entrepreneurs, businessmen from all over the state and officers from all concerned departments had assembled here yesterday to discuss the various aspects of the draft. State industries minister Tanga Byaling, Environment and Forest minster Newlai Tingkhatra, and many legislators and high officials took part in the deliberaation on how to achieve industrial goal of the state.
Mr Byaling had suggested ideas and opinions to bring a change in the economic scenario. Lamenting over the fate of local entrepreneurs whose products particularly of handicrafts, textiles and wood-based industries lack adequate buyers despite government patronage, the minister called for a suitable regulation to support entrepreneurs in this sector.
He urged the government to purchase local products to encourage the entrepreneurship. The draft policy would be extended to various fora including the cabinet and if necessary the legislative assembly for arriving at a suitable and pragmatic consensus, he added.
While the forest minister appreciated the basic policy guidelines of the draft, MLA C.T. Mein called for aggressive marketing of the state's natural resources.
Responding to demands of entrepreneurs for relaxing cumbersome licensing procedures in the state, director of trade and commerce Tokong Pertin informed that earlier procedure had been simplified to a great extent to facilitate easier processing of license.
Managing Director of Arunachal Pradesh Industrial and Financial Development Corporation, Tony Koyu, called for encouraging agro, bamboo and wood-based industries to help local economy while protecting interests of the entrepreneurs.
The meeting was also attended by Arunachal Chamber of Commerce and Industries (ACCI) president Lala Techi and prominent industrialists and businessmen from the state.