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Chhattisgarh introduces new industrial policy for investment in sponge iron, steel sector

ANI | Updated: Nov 04, 2020 18:05 IST

Raipur (Chhattisgarh) [India], November 4 (ANI): The Chhattisgarh government has introduced a new industrial policy to provide a special incentive package for investment in ultra-mega projects of sponge iron and steel sector.
As per an official statement, the region-wise subsidy limit has been increased from 60 per cent to 150 per cent for industries of the sponge iron and steel sector and investment incentive of maximum Rs 500 crore (Rs 1,000 crore for Bastar) will be valid under this initiative. The proposed units will have to start production by October 31, 2024, to avail this.
Likewise, financial investment incentive will be provided to those new units, which have started commercial production after investing Rs 100 crore in the permanent capital investment fund.
Industries of the core sector across the state have also been made eligible for subsidised electricity supply by the state government.
The statement also said that nearly 27 lakh tons of steel were produced in the state, making it the highest in the country, despite the COVID-19 induced lockdown.
The statement said that under the leadership of Chief Minister Bhupesh Baghel, the government also took many decisions to revive the industrial sector of the state, including electricity supply at subsidised rates, grants, simplified and convenient system for getting permission and approval, preference to locally produced industrial products.
In the current financial year, production in industries other than the core sector has also started from the last week of April. (ANI)