MP cabinet approves Rs 24,240 crore industrial incentive package for Bundelkhand

Khajuraho, Dec 9 (PTI) The Madhya Pradesh government on Tuesday approved a special industrial incentive package for Bundelkhand, envisaging investments worth Rs 24,240 crore and direct employment for nearly 29,000 people in the the backward region.

The package, targeted at the Maswasi Grant industrial area in the Sagar division, will accelerate industrial development and open a new avenue for economic growth in the impoverished region, officials said.

The industrial incentive package for Bundelkhand was approved by the state cabinet at its meeting chaired by Chief Minister Mohan Yadav here, an official said.

The package will create an investor-friendly environment, opening the way for investments worth Rs 24,240 crore and providing direct employment to over 29,000 individuals in the region, he said.

As per the package, land interest and annual land rent rates have been set at only Re 1 per square meter. Additionally, 20 equal annual instalments will be provided for payment of development fees, and maintenance fees have been fixed at R 8 per square meter annually, the official said.

To attract investors, 100 per cent reimbursement of stamp and registration fees has been approved. Additionally, industrial units have been exempted from electricity charges for five years from the date of commencement of commercial production, the official said.

Under the financial assistance package, regulations of the Industrial Promotion Policy 2025 and the Investment Promotion Scheme 2025 will apply to large-scale units, while norms of the MSME Development Policy 2025 and the MSME Incentive Scheme 2025 will apply to Micro, Small and Medium Enterprises.

However, cement manufacturing units will not benefit from this special financial assistance package which will be in force for the next five years, he said.

The cabinet also approved a proposal to upgrade government hospitals and create new positions, including for posts in medical colleges in Chhatarpur and Damoh districts, he added. PTI MAS RSY