Sops for investors in New Industrial Policy

Stressing the need to boost industrial  growth, Chief Minister K Rosaiah offered subsidies and incentives for the investors.

The Chief Minister released the Andhra Pradesh Industrial Investment Promotion Policy 2010-15, which comes into effect from Thursday.

Speaking on the ocassion, Rosaiah said the new industrial policy offered more subsidies and incentives than the ones offered in the previous industrial policy.

The veteran Congress leader exuded confidence that the subsidies offered in the new policy would attract more investments to the State. The industrial policy of 2005-10 was reasonably good  but the Government failed to reach the targets due to a number of reasons.

Speaking about  the present policy the  CM observed ``the present policy was aimed at attracting Rs 15,000-crore investments per year totalling Rs 75,000 crore by 2015, resulting in 12 to 15 per cent of  industrial growth.

The CM listed the subsidies, tax exemptions and sops offered to the industries in the new policy. The government was offering 25 percent VAT reimbursement for large and medium enterprises for five years, 50 percent VAT refund for small enterprises and 100 percent VAT reimbursement for micro enterprises.

Encouraging SC/ST entrepreneurs to set up industries, the Chief Minister noted that the new policy would offer 35 percent subsidy on fixed capital investment, additional five percent subsidy to SC/ST women and further additional five percent investment subsidy for the units set up in the scheduled areas by ST entrepreneurs.

The Minister for Major Industries, Kanna Laxminarayana, the Minister for Small Scale Industries,  D K Aruna, the Minister for IT,  Komatireddy Venkat Reddy, the Minister for Minor Irrigation,  Sunitha Laxma Reddy, the Chief Secretary, Mr S V Prasad and officials of the Industries department were present  at the meeting.