Maharashtra to roll out new Electronics Policy, offers subsidy for companies investing in stateTeam YS
The Maharashtra government will soon release a new electronics policy aimed at attracting the industry and making the state competitive in terms of fiscal and non-fiscal incentives for the sector.
According to the Centre's figures, electronic imports will touch USD 200 billion by 2020, and a policy is essential to give a substantial boost to exports, Principal Secretary, Industries, Apurva Chandra said.
"Maharashtra has no electronics policy, whereas states like Karnataka and Punjab have. As a part of Prime Minister Narendra Modi's 'Make in India' initiative, we have decided to come up with an electronics policy, where the state government will provide immense incentives for companies that are willing to invest in this sector," Chandra told PTI.
As part of cluster scheme, Rs 50 crore subsidy has been approved for companies willing to invest in Pune. Subsidy of Rs 50 crore for investment in Aurangabad will be approved by next month.
"Usually, the companies which invest more than Rs 500 crore are entitled for subsidy from the central government. Now, we will scale down this amount for the benefit of manufacturers. The draft of the electronics policy is ready and would soon be placed before the state cabinet," he said.
"Incentives like reimbursement of VAT for goods produced and sold within the state, interest subsidy, low threshold of mega projects, separate investment subsidy package for manufacturing of Lithium Ion Battery, lowest VAT rate on electronic products used for data communication by declaring such products as goods of special importance are expected to give a boost to the efforts of the state administration (to promote the industry)," Chandra added.
"Manufacturing in industrialised areas like Mumbai and Pune too will be incentivised. These incentives will be offered over and above those offered by the Centre under the National Policy of Electronics which offers 20-25 per cent subsidy on capital investments in the electronics sector," Chandra added.
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