Ministry of Commerce & Industry notifies new Industrial Development Scheme for Himachal Pradesh & Uttarakhand

Ministry of Commerce & Industry notifies new Industrial Development Scheme for Himachal Pradesh & Uttarakhand

May 5, 2018 Industry Specific 0

The Ministry of Commerce & Industry, Department of Industrial Policy & Promotion (DIPP) has notified the Industrial Development Scheme for the States of Himachal Pradesh & Uttarakhand (“Scheme”) with a view to boost industrialization.

Eligibility:

Unless excluded, all new industrial units and existing industrial units undertaking substantial expansion in manufacturing sector and services sector including Bio-technology and Hydel Power Generation Units upto 10 MW located in the states of H.P. & Uttarakhand will be eligible for incentives under the scheme.

The scheme will not apply to a specified list of industries listed in Annexure – I.

All eligible industrial units will be entitled to benefits under one or more components of this scheme, even if such units are getting benefits under other schemes of the Government of India.

Mandatory Requirement:

This Scheme requires that all eligible industrial units would have to register under the Scheme with Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Govt. of India, through the DIPP portal prior to being eligible for any benefit under this scheme.

Towards this, an online application process will be developed under which the applicants have to submit applications along with the DPR.

The Scheme essentially provides for two incentives:

(a)    A Central Capital Investment Incentive for access to credit (“CCIIAC”) @ 30% of the investment made in the plant and machinery with an upper limit of Rs. 5.00 Crore.

(b)    A Central Comprehensive Insurance Incentive (“CCII”) for reimbursement of 100%  insurance premium on  insurance of Building and Plant & Machinery for a period of up to 5 years from the date of commencement of commercial operation.

The scheme will remain active from 01.04.2017 till 31.03.2022.

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Source: Ministry of Commerce & Industry

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