Bhopal, Oct 25 (UNI) On the eve of the global investors meet at Indore, the Madhya Pradesh government has amended the industrial promotion policy-2004 to make it industry-friendly and offering special package for bio-technology industry, the government announced today.
The amendment was made to incorporate suggestions from industry and trade sector, official sources said.
Under the amended policy, district-level empowered committees would be authorised to give clearance to the projects involving investment upto Rs 10 crore, while units with capital investment of more than Rs 10 crore would be given the status of mega project entitling them for capital grant and interest subsidy.
Additional facilities for bio-tech units include availability of double permissible floor space index in biotech parks, use of 40 percent allotted area for supplementary purpose and support services, besides 50 percent exemption in land premium to units employing more than 500 people.
Capital investment grant upto Rs 20 lakh at the rate of 20 percent, grant upto Rs 150 lakh at the rate of 15 percent for units with capital investment of over Rs 5 crore and loan interest subsidy for three years with a cap of Rs 20 lakh at the rate of five percent are also offered.
Setting up venture capital fund would be encouraged, while subsidy upto Rs one lakh would also be provided on drug control audit and certification by WHO or different countries.
Mega project status would be given to industries giving regular employment to more than 1,000 people and such units would be exempt from the minimum capital investment norm.
For revival of sick industries, exemption from transfer fee would be available in industrial estates and growth centres.
The government claimed that provisions had been made for basic facilities like labour welfare centres and night rest houses for workers at industrial growth centres, while warehousing facilities would be provided in industrial areas of over 500 acre. Industries would also be entitled for grant for expansion at par with new industries.
For promoting herbal industries, ten types of industries based on minor forest produces have been included in thrust sector, the sources added.