Tripura offers subsidies to attract industries

Tuesday, 04 June 2019, 12:10 Hrs
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Tripura offers subsidies to attract industries

The Bharatiya Janata Party (BJP) government in Tripura has decided to broaden subsidy and incentive packages to attract big, medium and small industries.

"The state cabinet on Monday expanded and introduced new subsidy and incentive packages to boost big, medium and small industries in Tripura. The state has huge natural resources, including high quality gas," Law and Education Minister Ratan Lal Nath told IANS here on Tuesday.

The meeting, chaired by Chief Minister Biplab Kumar Deb, modified the Tripura Industrial Investment Promotion Incentives Schemes. "Big industries and seven more segments, like hotel, tourism, hospital and nursing home, have been brought under the purview of the new subsidy and incentive schemes," he said. 

Sharing details, he said variety of capital investment subsidies, and exemptions in state goods and services tax (SGST) have been introduced. Apart from 25 per cent subsidy on power consumption, subsidy on bank loan has been increased to 5 per cent from 4 per cent. 

Now the employees' share of the Employees Provident Fund (EPF) in the new industries would be paid by the government and a new 10 per cent transport and export promotion subsidy has been introduced under the modified scheme. 

Nath said since the BJP came to power in Tripura 15 months ago, 1,474 small and medium units had been set up.

Stating that Tripura is the second largest natural rubber producer after Kerala and big natural gas reserves have been found by Oil and Natural Gas Corporation (ONGC), he said there were huge scope to set up rubber and gas-based industries besides bamboo-based units. 

Nath said the state government had also decided to make 12 backward blocks as model blocks and spend Rs 150 crore in three years on it. A high-level committee, headed by the Chief Secretary, would be set up to supervise the plan.

"Health services, nutrition for children and women, education, agriculture and water resources, development of infrastructure, employment and skill development, financial inclusion would be the priority areas for these 12 proposed model blocks," he said.

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Source: IANS
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