Uttarakhand News

Centre notifies new industrial development schemes for Uttarakhand

The government of India has notified new industrial development schemes for Uttarakhand, J&K and Himachal Pradesh to encourage industrialization. Centre will provide cheaper access to credit and interest incentives. The Industrial Development Scheme for Himachal Pradesh (HP) & Uttarakhand will run from April 1, 2017 to March 31, 2022. With the help of this scheme, all new industrial units undertaking substantial expansion in manufacturing sector services sector including bio-technology and hydel power generation Units up to 10 MW will be eligible for the incentives.

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The notification issued by the government states that industrial units in the state will be provided central capital investment incentive for access to credit at the rate of 30% of the investment in plant  and machinery with an upper limit of Rs. 5 crore. The units are expected to start commercial production within 18 months of approval. Preference will also be given to industrial units under the micro, small and medium enterprises. The government would also consider factors such as cost disadvantage, project viability, bankability, employment generation and promoters’ risk capital while offering incentives.

Inputs from Economic Times