GUWAHATI: The Assam Cabinet on Monday approved the Industrial and Investment Policy of Assam, 2019 loaded with several incentives and subsidies to attract industries to invest in the State.
The new industrial policy has, however, made it clear that only those industries will be eligible to avail the benefit of tax reimbursement which continue their production or operation even after the expiry of the policy.
The policy will come into effect from September 1, 2019 for a period of 5 years for new units only, established during this period.
The policy will provide power subsidy at Rs 2 per unit for a period of five years subject to a maximum of Rs 50 lakh per annum, 50 per cent generating set subsidy up to Rs 20 lakh, exemption of stamp duty up to 100 per cent up to Rs 25 lakh. It also included 75 per cent subsidy on technology transfer subject to a ceiling of Rs 10 lakh and financial assistance to Micro, Small and Medium Enterprises (MSME) at 30 per cent subsidy subject to a ceiling of Rs 5 lakh for listed companies.
Under the policy the State Government will provide incentive for private sector Infrastructure developer at 30% of the cost of creation of Industrial Infrastructure (excluding value of land) subject to a ceiling of Rs. 3 crore. The land area must not be below 30 acres.
Incentives of Rs.10,000 will be given to the units against each local youth employed by the units.
The government will provide Special Dispensation to the units where the investment is above Rs.1000 crore or generating minimum regular employment of 2000 people.
The benefit of tax reimbursement under the policy will be given to only those industries which continue its production or operation at least for the next 5 years (post 2024 or after the expiry of the new policy) not below 75 per cent of the average production for the preceding 5 years (2019 to 2024).