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New Industrial Policy for 2010-15 unveiled
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Andhra Pradesh Industries

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New Industrial Policy for 2010-15 unveiled

Provides for 25 percent VAT reimbursement for five years for large and medium enterprises

The State Government has announced a new industrial policy for 2010-15, enhancing the investment limit of mega projects from Rs.100 to Rs.250 crore for the purpose of offering benefits to them. The policy, which was approved by the Cabinet at its meeting on Friday will be effective from July 1, the cut off date from which the incentives will be applicable. Those industries providing employment to more than 2,000 persons will also be treated as mega projects for offering the incentives.

The policy provides a 25 percent VAT reimbursement for five years for large and medium enterprises, 50 percent for small enterprises and cent percent for micro units. For micro and small enterprises that have been given a major thrust in the policy, the investment subsidy has been increased from Rs.15 lakhs to Rs.20lakhs. In case of women enterprenuers, not only ten percent of the plots in an industrial but also offering 5 percent additional subsidy subject to a maximum of Rs.5 lakh.

The Minster for Information, J Geetha Reddy said that the new industrial policy was expected to attract Rs.15,000 crore investment annually, ensuring a 12 to 17 percent growth rate in the manufacturing sector and proving jobs to 5 lakh people annually. She said that in case of SC and ST enterprenuers, a 35 percent subsidy would be offered on capital investment and it would be raised by another five percent for women among them and by another five percent if the units were set up in scheduled areas. The SC entrepreneurs would be allotted 16.2 percent of the plots in an industrial estate and STs 6 percent. A 33.3 percent rebate would be given on land cost for both groups limited to RS.10 lakhs.

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