Naveen Patnaik Cabinet Approves “Odisha Electronics Policy 2021” to Boost Electronic Systems Design and Manufacturing Industry

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With the aim of promoting Odisha as an attractive destination for the electronics industry, the State Cabinet headed by Chief Minister Naveen Patnaik on Tuesday approved the “Odisha Electronics Policy 2021” to promote the manufacturing sector. of electronic products in the state. This plan will remain in effect until March 31, 2026 or until it is replaced by another plan.

“The Odisha 2021 electronics policy was formulated to boost the electronic systems design and manufacturing (ESDM) industry in our state. It was conceptualized to position Odisha as an attractive destination for the electronics industry in providing a friendly, user-friendly and proactive industrial climate with state-of-the-art infrastructure, support facilities and policy initiatives. These, together with a skilled workforce, would create an ecosystem conducive to the growth and development of electronics industry in Odisha, “said a statement from the Department of Electronics and Computer Science. The statement added.” This policy aspires to promote excellence and innovation in the electronics sector and to considerably increase the availability of skilled labor by placing particular emphasis on the promotion of a culture of research, innovation and t entrepreneurship by creating an ecosystem of interconnected academics-industry-professionals-leaders. It also aims to focus on MSME companies as engines of growth in the economy. “

As part of the policy, many incentives will be offered to industry stakeholders. New investments and expansion can benefit from a production-linked incentive (PLI) of 1% of annual turnover for 5 years from the year of production start, on a first-come-first basis , first served for the first 10 investments. Grant in the range of Rs. 10 crore to Rs. 250 crore will be provided to ESDM units on the basis of their fixed capital investment.

In the electrical incentives, exemption from electricity duties and electrical inspection fees for a period of 5 years. Eligible ESDM units would receive a subsidy on electricity bills for a period of 5 years at 30 percent limited to Rs. 50 Lakhs per unit. In addition, in the land incentives, 100 percent stamp duty exemption and 50 percent exemption on the second transaction. Reimbursement of 100% of the land conversion fees payable for the conversion of land from agricultural to industrial use will be provided. A 10 percent investment grant subsidy limited to Rs. 1 crore will be provided to entrepreneurs who are women, SC / ST or people with disabilities. Provision of an additional 25 percent subsidy on rents up to Rs. 10 lakhs per year for 5 years will be provided.

The government will offer special incentives to units that employ local youth on their roster. Local businesses are eligible to obtain a defined preference in public procurement as provided for MSMEs, startups according to the 0M of the OGFR / Department of Finance. 25% refund on cleaner / greener production measures limited to Rs. 20 lakhs per unit based on certification by accredited certification agencies will be provided.

Recruitment assistance will be provided at Rs. 8000 per newly recruited regular employee who is domiciled in Odisha with a maximum limit of Rs. 30 Lakhs for a period of 3 years. Additional rs. 2000 will be provided for employees who are women, SC / ST or people with disabilities. Eligible units will also be entitled to an interest subsidy for a one-off payment of 5 percent per annum on the term loan taken out with financial institutions / public banks for a period of 6 years from the start date of the loan. the production.

Finally, a refund of 100% of the state component of the GST (SGST) according to the actual amount paid for a period of 5 years from the date of the statement of commercial production limited to 100% of the investment in fixed capital will be provided. An Apex Committee chaired by the Chief Secretary will be formed to oversee the implementation of the policy with respect to its target and objectives. The Odisha Computer Applications Center (OCAC) on behalf of the electronics and IT department will be responsible for the day-to-day monitoring of the various activities under this policy. (ANI)

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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