Days before investor meet, MP govt unveils new policies for industryhttps://indianexpress.com/article/business/days-before-investor-meet-mp-govt-unveils-new-policies-for-industry-6070934/

Days before investor meet, MP govt unveils new policies for industry

The meeting also approved MP Start-up Policy, which will come into effect from April 1, 2020, under which facilities will be provided to incubators and startups to attract new entrepreneurs who wish to establish startups with new products and innovative ideas.

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Kamal Nath

The Congress government in Madhya Pradesh on Tuesday approved a slew of policies to develop MSMEs, startups and real estate , among other sectors, to attract investment and create job opportunities. This comes days before the state hosting an investors’ meet.

The Cabinet meeting chaired by Chief Minister Kamal Nath approved MP MSME Development Policy, 2019, which provides special package for concessions to select sectors like pharmaceuticals, textile, power looms and grants on plant and machinery, along with building.

Additional grants will be given to units run by SC/ST and women entrepreneurs.

The meeting also approved MP Start-up Policy, which will come into effect from April 1, 2020, under which facilities will be provided to incubators and startups to attract new entrepreneurs who wish to establish startups with new products and innovative ideas.

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The new real estate policy cuts down on red tape by reducing the number of documents required from 27 to just five. It provides for better coordination among revenue, town and country planning and urban bodies; ensures one state one registration for colonizers; eliminates two hectare limit for housing projects and removes three phase permission for projects among other things.

The Cabinet also cleared MP Electric Vehicle Policy, 2019, to strengthen public transport, to reduce air pollution in cities and to promote non-petroleum products. It will provide concessions to infrastructure development and exemptions in manufacturing of electric vehicles and components. It will provide 100 per cent exemption from motor vehicle tax and registration tax on purchase of EVs. Parking in facilities run by urban bodies will be free for first five years. The policy envisages creation of jobs by training engineers and technicians.