MP Government is bringing New Policies for Small Entrepreneurs

MP News: To promote investment in Madhya Pradesh, the state government has prepared a draft of the new industrial promotion policy. This will benefit small entrepreneurs.

The Madhya Pradesh government is taking several steps to promote industries in the state. The government is once again launching a new policy for industries and entrepreneurs. The government has prepared a draft of the new industrial promotion policy to increase investment, which will provide production-linked incentives to small industries. Industries like garments, footwear, toys, and pharmaceuticals will be eligible to receive incentives based on production. Entrepreneurs will receive more incentives for higher production.

New Policies

The operation of industries in Madhya Pradesh has been based on the 2014 policy so far. During the recent Regional Industry Conclave, industrialists pointed out some shortcomings of the policy to Chief Minister Dr. Mohan Yadav. After that, the policies of Tamil Nadu, Odisha, Rajasthan, and Uttar Pradesh were assessed, and a new policy was prepared. The policy has been sent to the Finance Department and will be implemented after the Cabinet’s approval.

Focus on these areas

Madhya Pradesh has so far focused on industries like ethanol, food processing, and textiles, which have high investment and employment potential. The state’s geographical location is also suitable for these industries. The new policy includes footwear, aerospace, defense, pharmaceuticals, electric vehicles, green hydrogen, aviation, and foreign direct investment.

Special incentives for women

Women did not receive additional benefits for investing in large industries under the 2014 policy. Under the new policy, special incentives will be provided to SC/ST and women entrepreneurs, enabling them to set up new industries. The new policy has increased the grant amount for stamp duty, registration fees, and patent assistance. Additionally, concessions in electricity bills and other incentives have been provided.

Flat telescopic slab for investment

Under the 2014 industrial promotion policy, the calculation of investment incentives was based on a fixed formula, which made it difficult for investors to understand. Now, the new policy has introduced a flat telescopic slab, making it easier for investors to understand and utilize the incentives.