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Industrial Policy Of Tripura |
Additional Incentives under the New Industrial Policy announced by the GOI for the North-eastern Region:
- Growth Centres & IIDCs to be converted into total tax free zones for next 10 years. All industrial activity in these zones would be free from income tax, excise, for a period of 10 years from the commencement of production. Similar benefits would also be extended to new industrial units or their substantial expansion in other Growth Centres or IIDCs of industrial estates/ parks/ export promotion zones set up by the states. Similar benefits will also be provided to units located outside the specified locations, if they belong to the specified industries listed in Annex A of the GOI circular.
- Capital Investment Subsidy (CIS) @ 15% of investment in plant and machinery, subject to a maximum ceiling of Rs.30 lakhs would by given. Eligibility conditions will be same as in case of tax benefits.
- Transport Subsidy Scheme will be extended for a period of another 7 years i.e. upto 31st March 2007, on same terms & conditions, as are applicable now.
- Interest Subsidy of 3% on working capital loans would be provided for a period of 10 years. Eligibility conditions will be same as in case of tax benefit.
- A comprehensive insurance scheme for industrial units to be designed, in consultation with GIC and 100% premium to be borne by GOI for 10 years.
Supportive State Administration
Tripura offers an "investor-friendly" environment. It has a stable Government, which welcomes investments – both domestic and foreign. It has a policy regime, which is simple and transparent, administered by an efficient and responsive machinery. The state government is committed to provide all necessary support/ clearances through a "Single-window" approach.
Objectives
Tripura being a land-locked state with a pre-dominantly oversaturated agricultural economy, lags far behind other developed States so far as overall growth is concerned. The economy suffers from serious stagnation syndrome because the hopes and aspirations raised by sustained efforts in the social services sectors could not be matched up with appropriate opportunity generation in the productive sector. It will be, therefore, our earnest endeavour to open up employment opportunities for the vast number of unemployed people, both in the rural and urban sectors through viable means of production, keeping in view our traditional heritage, the plan framework of the State Government. In short, the State Industrial Policy aims at providing direction and strategy for rapid and systematic industrialisation particularly with a view to generate economic growth and productive employment in the non-farm sector through optimum utilisation of local resources, manpower, talents and skills with appropriate technical and financial assistance. The whole idea is to overcome the stumbling limitations of a stagnating economy and usher into a new era of industrial culture.
Strategy
In view of large potential to provide employment at low investment and also considering the availability of raw materials, the small scale sector will continue to get maximum focus and attention. However, the opportunities thrown open by the huge finding of natural gas in the State will be taken full advantage of, in order to achieve a meaningful breakthrough in the industrial sector. Natural gas-based medium and large units and a number of ancillary and auxiliary units will also be promoted. While all efforts will be made to promote entrepreneurship within the State, for medium and large scale units, outside investors in the public and private sectors will certainly be encouraged both for their financial capabilities and technical expertise. The efforts of the Government will be to create an intergrated and comprehensive base for industrialisation through proper linkage between medium, large and small scale units. The State owned public sector corporations will be re-organised in such a way that they can play a meaningful role in providing forward and backward linkage to the small and ancillary sectors. The Government will participate in the equity share of large and medium industries as much as the Government resources permit. But the maximum financial involvement will be in the assisted small scale sector in order to ensure maximum benefit to the maximum number of people. The Government will lay due emphasis on further development of the industrial infrastructure by way of augmentation of power, water supply, development of roads and bridges, improvement of technical and financial services including setting up of a Data Bank to provide adequate information for taking up new and viable industrial projects. Rules and regulations for industrial registration and financial assistance will be further simplified in order to achieve speedier implementation of projects.
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