New Policies Approved by Madhya Pradesh | 14 Feb 2025

Why in News?

The Madhya Pradesh Cabinet approved more than 10 policies related to various industrial sectors in the cabinet meeting held in Bhopal.

Key Policies:
- The state government has approved several policies to bring investment and increase employment opportunities in the state ahead of the hosting of the new Global Investors Summit (GIS).
- The cabinet approved the Industrial Promotion Policy-2025 to make the state developed and prosperous .
- Under this, 10 sector specific policies have been approved:
  - Agriculture, Dairy and Food Processing Policy
  - Textile Policy
  - Apparel, Footwear, Toys, and Accessories Policy
  - Aerospace and Defence Production Promotion Policy
  - Pharmaceuticals Policy
  - Biotechnology Policy
  - Medical Device Policy
  - EV Manufacturing Policy
  - Renewable Energy Equipment Manufacturing Policy
  - High Value-Add Manufacturer Policy

Objectives of Industrial Promotion Policy-2025 :
- Promote industrial development across the state.
- Raise the sector's share in GDP from Rs 2.9 lakh crore (2023-24) to Rs 6 lakh crore by 2030.
- Build a strong industrial ecosystem to attract investors.
- Promote environmentally sustainable and regionally balanced industrial development.
- Generate 20 lakh new jobs in the next five years, focusing on employment-intensive sectors.
- Streamline investor facilitation and simplify business processes.
- Investment-Based Incentives:
  - Industries investing Rs 50 to Rs 150 crore will receive up to 40% incentives.
  - Investments up to Rs 200 crore will receive 32% incentives along with additional concessions.
- Electricity Discounts:
  - Investors will benefit from special discounts on electricity.
- Financial Support for Management & Infrastructure:
  - Rs 10 crore will be provided for management support.
  - Rs 5 crore will be allocated for infrastructure development.