New Industrial Policy 2024-30

• 07 Nov 2024

Why in News?

The Chhattisgarh government approved ‘New Industrial Policy 2024-30: Incentives for Industries’ that will seek to promote sectors ranging from food processing to IT and IT-enabled services.

Key Points

• New Industrial Policy Provisions:
  • The new industrial policy introduces several incentives to promote investment, such as, Interest subsidy, Capital cost subsidy, Stamp duty and Electricity duty exemption, Value-added tax (VAT) reimbursement.
  • Additional Subsidies and Exemptions are:
    • Mandi duty exemption
    • Employment subsidies for employing persons with disabilities (Divyang)
    • Subsidies for environmental projects
    • Transport subsidies
    • Reimbursement of net State Goods and Services Tax (SGST)
  • The policy places strong emphasis on generating employment opportunities within the state.
• Investment Promotion in Nava Raipur (Atal Nagar):
  • Allocation of land at concessional rates for IT, healthcare, and educational institutions were announced as special provisions for Strategic Development to boost investment and job creation in Nava Raipur (Atal Nagar).
• Revival of the Mukhyamantri Tirth Darshan Yojana:
  • The Mukhyamantri Tirth Darshan Yojana, which was suspended in 2019, will be reintroduced. The scheme provides free travel to religious sites outside the state for eligible groups:
    • Senior citizens aged 60 and above
    • Differently-abled individuals
    • Widows and abandoned women
• Implementation of National Education Policy (NEP) 2020:
  • The Cabinet has decided to implement the NEP 2020 in the state, aiming to provide students with a modern, flexible, and high-quality education system.
  • Additional resources will be allocated to enhance research and innovation, with a focus on building a more skilled workforce to meet industry needs.