Jharkhand is all set to launch its very own industrial and investment promotion policy to revive business opportunities in the State and transform the image of Jharkhand from a State of mines and minerals to a State full of opportunities across multiple sectors. The Government-led by Chief Minister Hemant Soren has been working tirelessly to attract investment in Jharkhand and to create a vast range of business opportunities in the state. The CM envisions establishing the State as one of the first and foremost investment destinations in the country.
The CM will launch Jharkhand Industrial and Investment Promotion Policy 2021 at the Investor’s meet to be organised on August 27 and 28 in New Delhi. The investor’s meet will also include business to Government meetings with interested investors. During B2G, the Chief Minister will hold one on one meetings with all such stakeholders/ representatives from different business houses from across the country, where he will listen to the proposals and requisitions of investors for required interventions.
With the launch of JIIPP 2021, the State Government is looking towards promoting business opportunities in the field of Textile and Apparels, Automobile, Auto-Components and Electric Vehicles, Food and Meat Processing, Pharma, Electronic System Design and Manufacturing, Tourism, Health, IT & ITeS, Renewable Energy, Breweries and Distilleries, Startup and Incubation centres, Education and Technical Institutes and other MSMEs.
The Government aims to attract an investment of up to Rs 1,00,000 crore through JIIPP 2021. To attract a large number of investors the Government has proposed many attractive incentive provisions. The proposed Jharkhand Industrial and Investment Promotion policy promises investors up to 100 per cent relief from SGST for up to 9 Years whereas 75 per cent for large scale industries which is again for up to 12 Years. The policy incentivises investors up to Rs 25 crore as a comprehensive investment project subsidy with an additional 5 per cent incentive provision for SC/ST/Women/Specially abled investors. Apart from these, the policy has provisions for Early Bird Subsidy, Anchor Subsidy, Interest Subsidy, Power Subsidy and many more.
The Government strives for industrial development in the State. To achieve desired results the Government is planning to attract new investments but also wants to revive ill/sick industrial units. The government has marked industrial units which can be revived and turned into production units, such industrial units will be restarted under the beneficial provisions of JIIPP 2021.
