Madhya Pradesh Chief Minister Mohan Yadav
| Photograph Credit score: PTI
The Madhya Pradesh cupboard on Tuesday (February 11, 2025) accredited a number of insurance policies associated to varied industrial sectors, together with prescribed drugs, textile, defence manufacturing and EV manufacturing, with an intention to double the contribution of industries in State’s finances within the subsequent 5 years.
The transfer comes simply weeks earlier than the Madhya Pradesh authorities is about to host its formidable World Investor Summit (GIS) in capital Bhopal to draw investments into the State. The summit is scheduled on February 24 and 25, with Prime Minister Narendra Modi set to inaugurate it.
As per an official assertion, the ten sector-specific insurance policies are a part of the bigger Industrial Promotion Coverage, 2025, accredited on the Cupboard assembly chaired by Chief Minister Mohan Yadav. They embody Agriculture, Dairy and Meals Processing Coverage; Textile Coverage; Attire, Footwear, Toys and Equipment Coverage; Aerospace and Defence Manufacturing Promotion Coverage; Prescription drugs Coverage; Biotechnology Coverage; Medical Gadgets Coverage; EV Manufacturing Coverage; Renewable Power Gear Manufacturing Coverage; and Excessive Worth-Add Manufacturing Coverage.
“Aims of the Industrial Promotion Coverage, 2025, is to spice up industrial growth in Madhya Pradesh, rising the contribution of industries within the State’s GDP from ₹2.9 lakh crore to roughly ₹6 lakh crore by 2030, and develop world-class industrial infrastructure to supply a complete ecosystem for traders,” the assertion learn, including that the transfer can be aimed toward creating about 20 lakh employments within the State.
Mr. Yadav can be scheduled to journey to New Delhi for a curtain-raiser of the summit on Wednesday and to ask businesspersons. The Chief Minister can be scheduled to carry a gathering with international industrial and enterprise teams, and industrial embassies from varied nations who’re anticipated to take part within the summit.
Within the insurance policies, the State authorities made a number of guarantees equivalent to concessions on varied kinds of charges, capital grants, subsidies in addition to customised packages on giant investments, to woo multi-sectoral enterprise into the State.
“In Aerospace and Defence Manufacturing Promotion Coverage, 25% concession on growth charges, High quality certification reimbursement 50% or ₹10 lakh, whichever is decrease will likely be supplied. Mega items investing over ₹500 crore will qualify for customised packages. Renewable Power Gear Manufacturing Coverage consists of 50% concession on growth charges, 50% reimbursement for high quality certification prices or ₹1 lakh, whichever is decrease, and mega items investing over ₹250 crore will qualify for personalized packages,” the federal government mentioned.
Other than the ten sector particular insurance policies, the Cupboard additionally gave its nod to varied different insurance policies, together with Movie Tourism Coverage 2025, Export Promotion Coverage 2025, and Metropolis Gasoline Distribution Coverage 2025.
With the State already turning into a favorite dentition amongst filmmakers, the Authorities has promised monetary incentives for capturing movies within the State, subsidies on capturing permits, lodging, and transportation prices.
“Moreover, movie studios and post-production services will obtain monetary help for infrastructure growth,” the federal government mentioned.
Printed – February 11, 2025 11:04 pm IST
