Odisha Cabinet Approves Maiden Electronics Policy; Check Details Here

0

Bhubaneswar: The Odisha Cabinet on Tuesday approved the maiden Electronics Policy for the promotion of the electronics and electronics manufacturing sector in the state.

“Odisha Electronics Policy 2021 has been conceptualized to position Odisha as an attractive destination for the electronics industry by providing a congenial, industry-friendly and proactive industrial climate with class-leading infrastructure, supporting facilities and policy initiatives,” an official release said.

The policy would significantly augment the availability of skilled manpower with a special focus on fostering a culture of research, innovation and entrepreneurship by building an ecosystem of interlinked academia-industry-professional-leaders. It also aims to give emphasis on MSME enterprises as the growth drivers of the economy, it added.

HIGHLIGHTS

Production-linked incentive at 1% of annual turnover for 5 years starting from the year of commencement of production for first 10 investments, on a first-come-first-serve basis.

Fixed capital investment subsidy in Rs 10 crore to Rs. 250 crore range against fixed capital investment

Power Incentives: Exemption of electricity duty and electrical inspection fees for a period of 5 years. Subsidy on power bill for a period of 5 years at 30 per cent limited to Rs 50 lakh per unit.

Land incentives: 100% exemption of stamp duty and 50% exemption on the second transaction. Reimbursement of 100% of land conversion charges payable for converting land from agricultural use to industrial use.

Assistance to women entrepreneurs and persons with disabilities: Additional subsidy of 10% of investment subsidy limited to Rs 1 crore will be provided to entrepreneurs who are women, SC/ST or persons with disabilities. Provision of an additional 25% subsidy on lease rentals up to Rs 10 lakh per annum for 5 years will be provided.

 Incentives for local enterprises: Special incentives to units that employ local youths on their roll. Local Enterprises are eligible to get set preference in public procurement as provided to the MSMEs, and startups.

Green and self-power generating: 25% reimbursement on cleaner/greener production measures limited to Rs. 20 lakh per unit on the basis of certification by accredited certifying agencies.

Human capital investment subsidy: Recruitment assistance would be provided at Rs. 8000 per newly-recruited regular employee who are domiciles of Odisha with a maximum limit of Rs. 30 lakh for a period of 3 years. Additional Rs 2000 will be provided for the employees who are women, SC/ST or persons with disabilities.

Interest Subsidy: Eligible units shall be entitled to interest subsidy for timely payment at 5% per annum on term loan availed from public financial institutions/banks for a period of 6 years from the date of commencement of production.

Reimbursement of 100% State Component of GST (SGST) as per actual paid for a period of 5 years from the date of the state of commercial production limited to 100% of the fixed capital investment will be provided.

The release further said that an apex committee chaired by the Chief Secretary will be formed to monitor the policy implementation with regard to its target and objectives.

The Odisha Computer Applications Centre(OCAC) on behalf of the E&IT Department will be responsible for day-to-day monitoring of various activities under this policy.

This scheme will remain in force till March 31, 2026, or till substituted by another scheme.

According to IT officials, the policy is the best in the country in terms of incentives and subsidies.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.