International BusinessUP industry seeks new industrial policy
Industry in Uttar Pradesh has demanded a new industrial policy, which should comprise a judicious incentive package for attracting investment in the industrial sector.
Sensex flat; Metal, IT stocks gain
The chamber suggested that mega projects with investment of Rs 50 crore and above or projects employing 300 and more workers be considered ‘prestigious projects’ with interest-free loan for seven years repayable after seven years for tax payment due under Trade Tax/CST.
Next, project with investment of Rs 100 crore and above or project employing 500 or more workers, direct and indirect, be considered as ‘mega project’ with interest free loan for 10 years repayable after 7 years for tax payment.
For investment above Rs 300 crore, the interest free loan for 15 years repayable after seven years be applicable, chairman of UP chapter PHD Chamber U S Halwasiya emphasised.
PHD Chamber also demanded 24x7 power supply to industrial clusters and manufacturing investment regions on the pattern of franchisee model introduced in Bhiwandi and Nagpur by the Maharashtra government.
The industry body called for constitution of a task force to attract investment in the automobile industry.