Tripura amends policy, extends state subsidies to large-scale industrieshttps://indianexpress.com/article/north-east-india/tripura/tripura-amends-policy-extends-state-subsidies-to-large-scale-industries-5764754/

Tripura amends policy, extends state subsidies to large-scale industries

Under the revised policy, SGST will be waived, subsidy on bank loan interest has been increased to five per cent, and a 25 per cent subsidy on electricity bills incurred during production will be offered to industrialists.

Tripura amends policy, extends state subsidies to large-scale industries
Tripura Law Minister Ratan Lal Nath said his government has made job creation its top priority (Source: Twitter/RatanLalNath1)

In a bid to boost investment in Tripura, the incumbent BJP-IPFT government has amended its industrial investment promotion scheme to extend the subsidies to large-scale industries.

Under the revised policy, State Goods and Service Taxes (SGST) will be waived, subsidy on bank loan interest has been increased to five per cent, and a 25 per cent subsidy on electricity bills incurred during production will be offered to industrialists. The government will also bear all expenses of Employees Provident Fund (EPF) for factory workers. And a subsidy of ten per cent each would be provided for transportation and export promotion.

Law Minister Ratan Lal Nath told reporters that his government has made job creation its top priority.

“Our government’s main priority is to create jobs. We have amended the Tripura Industrial Investment Promotion Incentive Scheme at a cabinet meeting to invite industrial investments here, so that new jobs can be created,” Nath told reporters.

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While the industrial investment promotion scheme was formulated in 1995, the state government previously amended it in 2002, 2007, 2012 and in 2017. The scheme, which subsidised small and medium enterprises till now, would now extend to big industries.

“Tripura had no subsidy for setting up large industries so far. Only micro, small and medium industries were subsidized. The revised scheme will provide subsidies on capital investment for large industries,” Nath said.

Nath said he felt the revised rules would attract potential investors to Tripura and help in building an investment-friendly environment.

Tripura currently has got eight sanctioned industrial growth centers including four fully functional ones. Shortly after assuming office in March, 2018, the incumbent government announced to set up four new industrial estates at Unakoti, Gomati, Dhalai and West Tripura districts.

Among the growth centres which are currently operational — Bodjungnagar and R K Nagar in West Tripura District are among the most successful ones.

Bodhjungnagar Industrial estate, which is the largest industrial unit in the state, spans across 398 acres of land in Jirania sub-division, 15 Km from here, and houses 78 industrial units. These include a food park, rubber park, export promotion industrial park and a bamboo park.

Earlier this year, Tripura Chief Minister Biplab Kumar Deb said his government is focusing on connectivity to develop Tripura as a business hub in NE region. With three major international connectivity projects with Bangladesh underway in the state – Agartala-Akhaura international rail link in West Tripura, Feni Bridge in South Tripura and inland waterways connectivity at Sonamura in Sepahijala district — Tripura is poised to become the gateway to South East Asia soon.