Odisha cabinet approves Odisha Electronics Policy 2021 - Know key features
The Odisha Electronics Policy 2021 has been formulated for promoting the Electronics System Design and Manufacturing (ESDM) industry in Odisha. Know key features.
Odisha State Cabinet headed by Chief Minister Naveen Patnaik on November 23, 2021, approved ‘Odisha Electronics Policy 2021’ to promote Odisha as an attractive destination for the electronics industry as well as promote electronics manufacturing in the state. The Odisha Electronics Policy 2021 will continue till March 31, 2026, or until replaced by another scheme.
What is Odisha Electronics Policy 2021?
The Electronics and IT Department in Odisha said that the Odisha Electronics Policy 2021 has been formulated for promoting the Electronics System Design and Manufacturing (ESDM) industry in the state. The Policy aims at positioning Odisha as an attractive destination for the Electronics industry by offering a congenial, proactive industrial, and industry-friendly climate with leading infrastructure, policy initiatives, and supporting facilities. The Policy coupled with a skilled workforce aims at creating a favourable ecosystem for growth and development of the Electronics industry in Odisha.
The Policy aims at fostering a culture of research, innovation, and entrepreneurship by building an ecosystem of interlinked Academia-Industry-Professional-Leaders. The Policy will also focus on MSME enterprises as the growth drivers of the economy.
An Apex Committee chaired by the Chief Secretary will be constituted for monitoring the implementation of Odisha Electronics Policy 2021. The Odisha Computer Applications Centre (OCAC) on behalf of the Electronics and IT Department will be managing the day-to-day monitoring of targets, objectives, and activities under this policy.
Odisha Electronics Policy 2021 – Key Features
New investment and expansion can avail Production Linked Incentive (PLI) at 1 per cent of annual turnover for 5 years starting from the year of commencement of production, on a first come first serve basis for the first 10 investments.
ESDM units will be provided subsidy ranging from Rs 10 crores to Rs 250 crores on the basis of their fixed capital investment. Under power incentives, Electricity Duty and Electrical Inspection Fees will be exempted for 5 years. Eligible ESDM units will be provided subsidy on power bills for 5 years at 30 per cent limited to Rs 50 lakh per unit.
Under land incentives, 100 per cent exemption of stamp duty and 50 per cent exemption on the second transaction. Land conversion charges payable for converting land from agricultural use to industrial use will be reimbursed 100 per cent.
Entrepreneurs belonging to SC/ST, persons with disabilities, women category will be given a subsidy of 10 per cent of Investment Subsidy limited to Rs 1 crore. An additional 25 per cent subsidy on lease rentals upto Rs 10 lakhs per annum for 5 years will be provided.
Special incentives to units that employ local youths will be provided by the government. Local enterprises will be eligible to get set preferences in public procurement as provided to the MSMEs or startups as per OGFR or notification by Finance Department.
25 per cent reimbursement on cleaner or greener production measures limited to Rs 20 lakhs per unit on the basis of certification by accredited certifying agencies will be offered.
Recruitment Assistance at Rs 8,000 per newly recruited regular employee who are citizens of Odisha with a maximum limit of Rs 30 lakhs for 3 years. Additional Rs 2,000 will be given to employees belonging to SC/ST, persons with disabilities, women category.
Eligible units will also be given interest subsidy for timely payment at 5 per cent per annum on term loans availed from Public Financial Institutions or Banks for 6 years from the date of commencement of production.
State Component of GST (SGST) will be reimbursed 100 per cent as per actual paid for 5 years from the date of the state of commercial production limited to 100 per cent of the Fixed Capital Investment.
Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app
एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐपAndroidIOS