Haryana rolls out new MSME and pharma policies to boost entrepreneurship in the state

Seeking to boost industrial growth and attract investment in Haryana, the state government approved new policies for the MSME and pharmaceutical sectors, said an official release. The state cabinet approved the Micro, Small and Medium Enterprises Policy 2019, which aims to create globally-competitive MSMEs in the state.

The release added that the objectives of the policy are to promote balanced regional development through geographical dispersal of industry, increase the competitiveness of MSMEs through cluster development and adoption of quality manufacturing practices, facilitate MSMEs in accessing domestic and export markets, and provide a conducive ecosystem for promotion and growth of MSMEs in the thrust sectors of Haryana.

The policy also enables access to finance to MSMEs, promotes entrepreneurship through startup and incubation support, supports the revival of sick enterprises, and enhances competitiveness through ease of doing business.

The policy also aligns itself with major national initiatives like Make In India, Skill India, Digital India and Startup India. It also takes cognisance of ease of doing business initiatives and reform measures taken by the central and state governments, the release added.

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. The small businesses in this category are being offered the best incentives to hasten the process of industrial development for improving the regional economy.

The cabinet also approved the Haryana Pharmaceutical Policy 2019. One of the objectives of this 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 utilise the single window clearance mechanism, providing clearances in a time-bound manner.

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 include reimbursements of 25 percent of cost of plant and machinery, subject to a maximum of Rs 50 lakh.

It also includes interest subsidy to the extent of five percent per annum for five 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.

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