Subsidy claims worth Rs. 21.40 crore approved in IDS meeting: RD Nazeem
Principal Secretary (Industries) R.D. Nazeem today chaired the 14th meeting of the Industrial Development Scheme (IDS) of the Department for Promotion of Industry and Internal Trade (DPIIT). The meeting reviewed and approved subsidy claims under the scheme which shows the commitment of state government to fostering industrial growth and employment generation.
R.D Nazeem said that during the meeting 22 claims were sanctioned which represents a total investment of Rs. 132.12 crore in plant and machinery which would create employment opportunities for 921 individuals. He said that the total subsidy amount approved was Rs. 21.40 crore which would be submitted to the Government of India for the release of funds.
He said that the Industrial Development Scheme offers incentives such as a Central Capital Investment Incentive for Access to Credit (CCIIAC) at 30 percent of the investment in plant and machinery with an upper limit of Rs. 5 crore. Apart from this eligible new industrial units and those undertaking substantial expansion anywhere in the state were reimbursed 100 percent of their insurance premiums on buildings and machinery for five years from the start of commercial production. He said that the scheme applies to units established or expanded between 1st April, 2017 and 31st March, 2022.
The Principal Secretary said that the proactive efforts of the present state government to promote industrial development and have succeeded in attracting a handsome investment besides creating job opportunities for thousands of youth in the state. The timely implementation of such schemes has enhanced investor’s confidence and strengthened the industrial base of the state, added he.
Director Industries Dr. Yunus, MD HPSIDC Rajeshwar Goel and senior officials from the Tourism, Finance and Industries Departments were present in the meeting.
