Bhopal: In the run up to mega investment summit scheduled on October 17 and 18 in Indore, Madhya Pradesh cabinet on Tuesday approved several measures, including easing out real estate policy, approval of electric vehicle policy and measures to boost start-ups.
The MP cabinet gave nod to Madhya Pradesh MSME Development Policy 2019 with slew of measures to incentivise sectors, including pharmaceutical, textile and powerloom through packages, rebates and special grant for industrial units set up by reserved category entrepreneurs.
Slated to be implemented from April 2020, the MP Start-up Policy 2019 was also approved by the cabinet and aims to boost incentives for the start-ups.
In another important verdict aiming at facilitating the entrepreneurs of MP and states, the meeting also assigned approval to unlock over 72-hectare land till now reserved for Japanese, Far East and South East Asian countries at Pithampur Smart Industrial Park, close to Indore.
The ‘freed’ tract would be developed into a multi-product industrial area.
Keeping in mind the lengthy processes of manufacturing approvals in pharma sector, the state government would deem upto two years from manufacturing as slack period. The grant for establishment of Apparel Training Institute has been kept as Rs 50 lakh or upto 25%.
The state government would also reimburse upto 100% cost of acquiring a patent /IPR registration for big industries given the process of registration takes place in the country. In mega ventures, the maximum limit for availing incentives has been hiked to Rs 200 crore from existing Rs 150 crore.
The state government has also decided to amend mineral policy and allow direct mining rights on the proposal of fresh investment upto Rs 25 crore and submission of Rs 2 crore bank guarantee by the said investor.
In section--I of the rules, a new mineral Manufacturing Sand has been added into the list and royalty for the same has been proposed at Rs 50 per cubic cm.
Mining permission authorisation rules too have been amended with collector and Addl Collector being empowered to permit mining upto four-hectare area under section 1 and 2.
Importantly the cabinet also approved variety of measures to ease out norms in real estate sector.
A number of alterations were proposed to benefit commoners, builders and investors alike under MP Real Estate Policy 2019. The amendments seek to ease a number of norms including immediate approval for small houses, requirement of 27 documents for building permission has been lowered to five and simplification of Nazul and NoC ruleshas also been proposed, UAD minister Jaivardhan Singh told the media after the cabinet meeting.
The cabinet also approved new Electric Vehicle policy 2019 which offers incentives in establishment of charging stations, infrastructure development and manufacturing of electric vehicles and its components.
The electric vehicles would receive 100% rebate from registration and Motor Vehicle Tax and parking for such vehicles would be free of cost at parking lots run by local municipal bodies in the first five years of vehicle purchase, the approved policy states.