New Policy On Anvil To Boost Industrialization In Madhya Pradesh

Bhopal (Madhya Pradesh): Madhya Pradesh had introduced its first industrial policy in 2014, which was later amended in 2019 and since then no policy has been introduced.

Industry department is preparing a new policy to attract industrialists to invest in a big way in the state. Key highlights of the policy include providing special incentives for setting up industrial units in regions which lag in Industrial development, capital subsidy for installation of the industry.

Besides, the government also plans to provide electricity to new industrial units at cheaper rates. Setting up of production-linked centers to streamline industrial operations has also been planned. The new policy is expected to be unveiled in February.   

People in the know of the matter teams were sent to other states to study their best practices in the industry sector. Based on the feedback from the teams, the new industry policy is being drafted.

“We sent teams to states such as Odisha, Telangana, and neighbouring Gujarat, Maharashtra and Uttar Pradesh to study their industrial policies and identify their best practices. The new industrial policy is going to see inclusion of all the best practices of other states as well,” said a senior official of the Madhya Pradesh Industrial Development Corporation (MPIDC).

The department is also eying to attract investment in emerging sectors like semiconductor, electric vehicles and others. The government focus is to revolutionise industrial sector to boost Gross Domestic Product (GDP) and create jobs for locals