As the period of the Industrial Policy Resolution (IPR)-2007 has already come to an end, the State Government has started a process to formulate a more attractive policy this time to instil confidence among the investors.
The Industries Department has sought suggestions from different industry bodies for formulation of IPR-2014, said an official.
Department Secretary Vishal K Dev on Monday chaired the Draft Committee meeting at the State Secretariat. He informed that the Draft IPR-2014 has been formulated after receiving suggestions from different departments of the State Government.
“We had approached different departments for their views on the Draft Policy and they have made some suggestions. Now after finalising the draft, we will send it to different industry bodies to seek suggestions,” said Dev after the meeting.
While land allotment to industries would be a major point, the Government is also planning a slew of incentives for the investors, said an official who attended the meeting.
He further informed that the committee has decided to give more authority to the Industrial Infrastructure Development Corporation (IDCO) vis a vis land allotment for industries.
While the existing clause requires a lease agreement between a district Collector and the IDCO for allotment of land, under the new system land will be allotted to IDCO through a notification by the State Government. This would require an amendment of the IDCO Act after the IPR 2014 is notified, sources said.
Similarly, concessions on land provided to the industrial units should no more be linked to benchmark valuation of the land as price of an individual land in an industrial area would be more.
As per the Draft IPR, new industrial units, categorised as micro or small enterprise and covered in the priority sector will be entitled to get interest subsidy at the rate of 10 per cent per annum on the term loan availed from public financial institutions and banks for a period of five years with the cap doubled from IPR 2007.
The Draft IPR 2014 would be submitted to the core committee headed by the Chief Secretary for ratification.