Jharkhand Govt Brings In Industrial Park Policy
The state government is eyeing to attract investments from private players to build industrial parks and logistic hubs in Jharkhand. The state cabinet has approved the draft of the Jharkhand Industrial Parks and Logistics Policy of 2022. Effective for the next five years, the policy is aimed at boosting the industrial infrastructure in Jharkhand by wooing private players to set up industrial parks by providing financial subsidies up to Rs 75 crore. The policy document entails that any private company or a joint venture (group of public companies or between public entities and government) will be eligible for setting up industrial parks by submitting their proposals and master plans to the industry department’s single window committee for approval. The players can form special purpose vehicles (SPV) and procure land directly from the raiyyats (landowners) or government lands allotted by the Jharkhand Industrial Area Development Authority (JIADA). The developers will be required to reserve 60% of the developed land of their parks for industrial units and 40% for the MSME units and allot plots to industrial units on long-term lease basis. The deputy commissioners of respective districts will give permission for transferring the land within 60 days of receipt of application under Section 49 of the Chotanagpur Tenancy Act, 1908. “Up to 50% of the project cost to the maximum limit of Rs 40 crore will be given by the government as subsidies to the developers,” the draft policy states. The policy has provisioned subsidies for industrial parks which have areas above 10 acres that can accommodate a minimum of five industrial units and the developers have to complete their projects within six years. In the case of logistic parks, the policy promises to provide 50% of the project cost, reimbursements on interest subsidies, 100% stamp duty and registration fee waivers, and development of imparting skill development training for up to 100 employees at Rs 13,000 per employee who are natives of Jharkhand (as per the upcoming locals’ policy).
Tags : state government investments industrial parks logistic hubs Jharkhand Industrial Area Development Authority