Maharashtra recently unveiled an industrial policy for 2019-24, promising investments worth ₹10 trillion and 40 lakh jobs. Focussed on industrial growth and development of backward Vidarbha and Marathwada regions, it has a special component for developing the tribal belts of Nandurbar, Washim and Gadchiroli under the industrial cluster development project.
A key feature of the policy is the Chief Minister Employment Generation Programme (CMEGP), aimed at addressing the growing unrest over the lack of jobs. The aim is to create two lakh youth entrepreneurs in manufacturing and service sectors in five years, according to Indian media reports.
Launching the policy, state chief minister Devendra Fadnavis said the policy will help migrants from the state to return home and train eligible persons between 18 to 45 for self-employment, for which equity will be converted into back-end subsidy, to be provided by the state government against bank loans.
Under the scheme, one would get a maximum of Rs 50 lakh under the manufacturing sector and Rs 10 lakh under the service sector. A Maharashtra Export Promotion Council will be set up to attract global investment in core sectors.
The industrial policy stressed an industrial cluster-based approach to promote sustainable, cost-effective and an inclusive strategy to ensure competitive and improved micro, small and medium enterprises (MSME) units.
MSME’s eligible new units in north Maharashtra, Vidabrha, Marathwada, Raigad, Ratnagiri and Sindhudurg in Konkan will get power tariff subsidy of ₹1 per unit consumed. Up to 100 per cent stamp duty will also be exempted for eligible MSMEs.
The other aspects of the policy include revival and unlocking assets tied up in closed units.
