RAIPUR: Chhattisgarh Chief Minister Vishnu Deo Sai on Thursday announced the launch of the state’s new Industrial Policy for 2024-2030, aimed at driving economic growth, generating employment, and fostering sustainable industrial development.
The new policy, which will come into effect from (Thursday) November 14, focuses on key areas such as employment generation, skill development, export promotion, investment attraction, and environmental protection.
There are also specific exemptions for women entrepreneurs, members of the third gender, Agniveer soldiers, retired ex-servicemen, entrepreneurs from Scheduled Castes and Scheduled Tribes and surrendered Naxalites, offering them pathways into public and private sector employment.
These measures are designed to enhance the dignity and quality of life for individuals from vulnerable backgrounds, ensuring their meaningful integration into the workforce. These groups will receive 10% additional benefits and an extended one-year exemption from the grants provided to enterprises in the general sector.
The policy is designed to empower these communities economically and socially, providing them with greater opportunities to participate in the state’s growth. Furthermore, the government aims to attract foreign investors by offering special concessions for enterprises run by these groups.
Speaking about the policy, the Chief Minister highlighted that the initiative represents a crucial step toward improving both the economic and social conditions of the state. He emphasized that the policy aims to bring development to previously marginalized sections of society, providing them with opportunities to participate in the state’s industrial growth.
The Chief Minister further added that this policy is not just about industrial growth, but about creating a more equitable society where all sections of the population can access new opportunities and become empowered in the process.
Proud to announce #CGIndustrialPolicy24, a policy that puts Chhattisgarh on the map for inclusive and sustainable growth. By supporting green industries, marginalized communities, and youth entrepreneurship, we’re building a future that leaves no one behind.
— Vishnu Deo Sai (@vishnudsai) November 14, 2024
The Chhattisgarh Industrial Policy 2024-2030 emphasizes creating opportunities for youth, women, people with disabilities, and marginalized communities, with several new initiatives designed to promote local employment, support entrepreneurs, and attract investments to diverse sectors. One of the key features of the policy is the focus on youth employment, with industries encouraged to hire local youth to help them directly benefit from the state’s industrial growth.
The government will provide a training allowance of Rs 15,000 for each new employee hired by industries that employ more than 1,000 local workers, provided the employee remains employed for at least 12 months. Additionally, the policy covers 75% of the Employees’ Provident Fund (EPF) contribution for the first five years of employment, which is aimed at easing the financial burden on employers while encouraging the long-term retention of local talent.
In a bid to further promote inclusive employment, the policy offers a 40 per cent subsidy on the salary for industries hiring people with disabilities. This subsidy, which will be available for up to five years, has a maximum limit of Rs 5 lakh per employee annually. This provision is part of the state’s broader vision to create a more equitable workforce by supporting the employment of marginalized groups.
The policy also introduces special benefits for women and local youth interested in starting their own businesses. A corpus fund of Rs 50 crore has been set up to assist startups in their early stages, providing financial support to encourage entrepreneurship. Additionally, under the ‘Udyam Kranti Yojana’, the government will offer subsidized loans to help young people become self-reliant by starting their businesses.
A noteworthy development in this policy is the segmentation of packages for MSMEs (Micro, Small, and Medium Enterprises) and large industries, with specific incentives tailored for each. In the service sector, different incentives will be offered to MSMEs and large enterprises, particularly in industries like engineering, research and development, tourism, and entertainment. The policy also seeks to develop industrially backward areas, providing additional incentives to attract businesses and promote regional growth.
The policy targets high-potential sectors like pharmaceuticals, textiles, agriculture and food processing, non-wood forest products, green hydrogen, electronics, AI, robotics, and solar energy, offering special incentives to attract investment. To further promote large-scale industrial development, the government has promised an additional 5 per cent grant to the first five anchor enterprises with an investment exceeding Rs 200 crore in these sectors.
As per the policy, higher incentives will be provided for industrially underdeveloped blocks, categorized into three groups depending on their level of industrialization. To promote exports from the state, a Foreign Trade Assistance Centre will be set up in Raipur in collaboration with national-level institutions like IIFT, Kolkata. Through this centre, exporters will be helped in selecting new products, assisting in formalities required for exports, etc. to promote export trade from the state.
To avail of the industrial investment incentives announced under the Industrial Development Policy 2024-30, the enterprise must provide 100 per cent permanent employment to the native residents of the State in case of unskilled workers/labourers, at least 70 per cent in case of skilled workers and at least 40 per cent in case of administrative/managerial staff.
Another standout feature of the policy is its provision for industries engaged in Artificial Intelligence (AI), robotics, and computing. To support these cutting-edge sectors, the policy offers a 100 per cent reimbursement of state GST for 12 years, or a grant of up to 50 per cent of the investment in related projects, with a maximum grant limit of Rs 450 crore. Alongside this, investors will receive financial assistance in the form of interest subsidies, capital subsidies, stamp duty exemptions, electricity duty exemptions, and VAT reimbursements.
The policy addresses the revival of closed and sick industries, offering a special incentive package aimed at bringing these businesses back to life, ensuring that industries facing financial difficulties can regain momentum and contribute to the state’s economic growth. (ANI)
