Licchavi Lyceum


Licchavi Lyceum

What are the major objectives of Industrial Promotion Policy 2021? Explain with reference to Madhya Pradesh.

The major objectives of the Industrial Promotion Policy 2021 of Madhya Pradesh are:

  • To accelerate industrial growth and create employment opportunities.
  • To attract and promote investment in key sectors, such as manufacturing, tourism, and infrastructure.
  • To develop a sustainable and inclusive industrial ecosystem.
  • To improve the ease of doing business in the state.

The policy includes a number of incentives and concessions for industrial units, such as:

  • Subsidy on capital investment
  • Exemption from stamp duty and registration charges
  • Reimbursement of SGST
  • Reimbursement of power costs
  • Access to land and infrastructure at competitive rates

The policy also focuses on promoting the development of small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs). It provides a number of special incentives and concessions to these units, such as:

  • Subsidy on interest on loans
  • Subsidy on purchase of machinery and equipment
  • Priority allotment of land and industrial sheds
  • Assistance in marketing and exports

The Industrial Promotion Policy 2021 is expected to have a significant impact on the industrial development of Madhya Pradesh. It is likely to attract new investment, create employment opportunities, and boost the state’s economy.

Here are some specific examples of how the Industrial Promotion Policy 2021 is being implemented in Madhya Pradesh:

  • The state government has set up a single-window clearance system for industrial projects. This has made it easier and faster for businesses to obtain the necessary approvals and permits.
  • The state government has also established a dedicated investment promotion agency to attract and facilitate investments in the state.
  • The state government is also investing heavily in infrastructure development, such as roads, railways, and power. This is to create a more conducive environment for businesses to operate in.

The Industrial Promotion Policy 2021 is a comprehensive and forward-looking policy that is expected to play a major role in the industrial transformation of Madhya Pradesh.