Government of Madhya Pradesh publishes the Industrial Promotion Policy, 2014

Apr 22, 2019 | by Avantis RegTech Legal Research Team


The Government of Madhya Pradesh on March 30, 2019, has published the Industrial Promotion Policy, 2014 as amended on December, 2018.

Vision

To achieve inclusive growth and bring economic prosperity to the people of Madhya Pradesh through sustainable industrialization, employment generation and skill set enhancement.

The key objectives of Industrial Promotion Policy (IPP):

i.Rationalization and simplification of procedures to ensure effective implementation of policy

ii.To improve investor facilitation and enhance ease of doing business

iii.To create an enabling environment for robust industrial growth

iv.To achieve higher and sustainable economic growth by accelerating the growth of manufacturing and service sectors through private sector participation

v.To create an able and supportive regulatory and policy environment to facilitate private sector participation

vi.To achieve inclusive industrial infrastructure development in the state

vii.To promote environmentally sustainable industrial growth and balanced regional development 

viii.To enhance employment opportunities in all sectors

ix.To encourage growth in Madhya Pradesh's thrust sectors (Agribusiness and Food processing, Textiles, Automotive and Auto components, Tourism, Pharmaceuticals, Bio-technology, IT/ITeS, Healthcare and Logistic & Warehousing)

x.To encourage environment friendly practices in enterprise development xi. To provide a welcoming and facilitative atmosphere to entrepreneurs, industrialists and investors

Eligibility:

i.This policy shall come into effect on the date of its notification in the Gazette of Madhya Pradesh (GoMP) and will remain in force till it is amended or superseded by the Government.

ii.Investors shall have to register their proposal with the Single Window System developed by Madhya Pradesh Industrial Development Corporation and obtain a registration number to avail incentives under this policy. This registration number will be trackable online, so that investor will be able to locate the status of his proposal at any given time.

iii.Units for which any package of incentives has already been sanctioned under IPP 2010 or earlier policies or for which the Commercial Production has commenced before the notification of this policy, shall not be eligible for benefits under this policy but will be entitled for benefits under IPP 2010 or earlier policies, as the case may be

iv.Units commencing Commercial Production after notification of this policy, but within one year from the terminal date of Industrial Promotion Policy (IPP), 2010 that is upto October 31, 2016, shall be at liberty to choose a package of incentives under the current policy or IPP 2010. However, choice once made will be irreversible.

v.Units which are not covered by clause (iii) and (iv) shall be eligible to avail benefits only under this policy.


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.