nThe Chhattisgarh government has decided to provide a special investment incentive package for investment in mega projects in the sponge iron and steel sector if the proposed units start production by October 31, 2024 or earlier.
In this package, investment incentive of maximum `500 crore (`1,000 crore for Bastar) will be valid, an official note said on Wednesday.
Likewise, financial investment incentive will be provided to the new units which have started commercial production after investing `100 crore in the permanent capital investment fund.
The government has also made the industries of core sector across the state eligible for subsidized electricity supply. Subsidized electricity has revived the industries of the core sector including steel industries.
These core sector industries have been benefited by the market across the country.
Announcing the special package under the Be-Spoke Policy for industries of the sponge iron and steel sector, the region-wise subsidy limit has been increased from 60 percent to 150 percent.
Even during lockdown, nearly 27 lakh tonnes of steel was produced in the state, which is the highest in the country.