MP to make industrial policy to be more investor friendly

BHOPAL: Madhya Pradesh government on Friday said it will amend the industrial promotion policy to make it more investor-friendly.

"While making amendments in the policy, suggestions from industries and business would also be considered," a top-level government official told reporters here.

He said the government has also decided to provide capital and interest grants to investors.

Small scale industries with an investment of Rs 20 lakh in technology parks would be given 20 per cent interest grant while industries with an investment of Rs five crore and above would get a grant of 15 per cent. He said the limit of grant is fixed at Rs 1.5 crore.

Under the amended policy, the district-level committee would have the power to clear Rs 10 crore investment projects, termed as mega projects. The amendments would be made in the mega project policy also, he said.

He said special package would also be provided to the biotechnology sector under the proposed amendments.

"The special package for biotechnology industries includes doubling of 'floor space index' and 40 per cent allotted land could be used for related purposes as also for services," he said, adding industries employing more than 500 people would be granted 50 per cent concession for their leased land.

The state government's decision coincides with the two-day Global Investors' Summit which began in Indore today.

From: http://economictimes.indiatimes.com/Latest_News/MP_to_make_industrial_policy_more_investor-friendly/articleshow/2492389.cms