The Haryana government on Monday approved new policies for MSME and pharmaceutical sectors with a view to boosting the industrial growth and attracting investment in the state, a release said.
The state cabinet approved the Micro, Small and Medium Enterprises Policy 2019, which aims to create globally-competitive MSMEs in the state, an official release said.
"The objectives of the policy is to promote balanced regional development through geographical dispersal of industry, increase the competitiveness of the MSMEs through cluster development and adoption of quality manufacturing practices, facilitate MSMEs in accessing domestic and export markets, provide a conducive eco-system for promotion and growth of MSMEs in the thrust sectors of Haryana.
"Besides, it enables access to finance to MSMEs, promote entrepreneurship through start up and incubation support, support for revival of sick enterprises and enhance competitiveness through ease of doing business," the release said. The policy also aligns itself with major national initiatives like Make In India, Skill India, Digital India and Start-up India and also takes cognizance of ease of doing business initiatives and reform measures taken by the Central and state governments. Under the policy, the State has been divided into four categories of development blocks--A, B, C and D with a varying degree of industrial development. In category D, there are no large and medium enterprises but being offered the best incentives to hasten the process of industrial development for improving the regional economy.
In another decision, the Cabinet also approved the Haryana Pharmaceutical Policy 2019. Aiming to attract investment in the pharmaceutical sector to the tune of Rs 2,000 crore and to generate 25,000 new jobs, the Haryana Pharmaceutical Policy envisages to establish a state-of-the-art Pharma Park at Karnal and to develop Haryana into a hub for pharmaceutical manufacturing. "The objective of the policy is to implement an enabling regulatory environment for pharmaceutical sector, with investor friendly and time-bound clearance delivery system, focus on holistic pharmaceutical cluster development, provide fiscal and non-fiscal benefits to units setting up in the Pharma Park, in a dedicated and streamlined manner. Besides, the objective of the policy is to develop quality industrial infrastructure to support entrepreneurs in the State, provide land at subsidised rates to entrepreneurs for establishing pharma units and effectively utilize the Single Window clearance mechanism, providing clearances in a time-bound manner," the release said. In addition to incentives offered under the Haryana Enterprises Promotion Policy 2015, all new units setting up in the Pharma Parks in the State will be eligible for a special package of incentives. These included reimbursement of 25 per cent of cost of plant and machinery subject to a maximum of Rs 50 lakh and interest subsidy to the extent of 5 per cent per annum for 5 years in the form of reimbursement of interest paid on loan taken to meet the working capital requirements, subject to annual ceiling of Rs 25 lakh per annum per unit, it said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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