In the recent amendment of Industrial Policy Resolution (IPR) for the category of new age mega industries, a number of incentives & provisions have been incorporated to attract investments to the land of opportunities i.e. the state ODISHA.
Few of the initiatives are mentioned below:
1. Land allotment from the state land bank with no stamp duty and exemption from payment of land conversion for use on industrial purpose.
2. Subsidy of 30% of capital investment on plant and machinery, reimbursement of State Goods and Service Tax(SGST) for a period of 7 years and in addition, there is a provision for subsidy in energy for the same period after commencement of commercial production. The Government of Odisha is also ready to reimburse the full amount of employer contribution towards ESI and EPF for a period of 5 years.
3. In a view to make the whole process easy, one dedicated nodal officer will be assigned to facilitate required clearance and provide aftercare services. Also, the Government will monitor the progress and constitute a High Level Committee to address the grievances, if any.
In order to facilitate, The Department of Industry of the Government of Odisha has developed an online Single Window portal ‘GO SWIFT’ (Government of Odisha - Single Window for Investor Facilitation and Tracking) to promote investment in a transparent and time bound manner. Almost all the approval processes are online and the status of application can be tracked at any point of time. Looking at the investments in the steel sector, the High Level Clearance Authority (HLCA) has cleared 9 Mega projects with a total investment of a little more than Rs 4,00,000 Cr having a potential to generate 92,425 jobs in the state. Five of these upcoming projects are given below: