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Uttarakhand set-up a Cabinet sub-panel to frame MSME policy
A three-member cabinet sub-committee has been set up by the Uttarakhand government to give suggestions for the new Micro, Small and Medium Enterprises (MSMEs) policy. It is set up with a bonanza of incentives for developing new enterprises.

Three ministers have been entrusted with the task to give suggestions for the new MSME policy.
MSME Minister Harish Durgalpal, Urban Development Minister Pritam Panwar and Education Minister Mantri Prasad Naithani are the three members. It was set up on the sidelines of a seminar on "Emerging cantours in the MSME sector in Uttarakhand", organised by the PHD Chambers of commerce and industry.

Agro-based food processing and allied industry, handloom, hosiery, textile, pharma, Khadi and village industry, floriculture, tourism, herbal, medicinal plants and many others are the potential sectors which have been identified for the development. It also eyes on skill development and creating infrastructure, as reported by English daily Business Standard.

The new policy is offering incentives bracketing them in three major categories of A, B and C. The incentives like capital investment subsidy, interest subsidy, employment intensive subsidy and venture capital assistance are being offered in a big way.

A provision of interest subsidy will also be available. Besides, the grant of employment intensive subsidy of 15 % on labour wages subject to a maximum of Rs 5 lakh a year, a provision of interest subsidy will also be available.

All those MSMEs which adopt innovative technologies like nano will be offered venture capital assistance .

The new policy also offers power subsidy, transport subsidy in graded manner and entitles for Value Added Tax or Goods & Services Tax in the first five years after the production.

The government will also provide all support for the cluster development schemes of the central government and set up mini tool rooms including financial assistance of Rs 50 lakh per unit for creation of basic infrastructure for setting up centres of excellence and incubators.

At least 25% of the areas in the new industrial estates developed by the State Industrial Development Corporation of Uttarakhand (SIDCUL) will be reserved for MSMEs. It is the most interesting decision of the new policy. The SIDCUL would also promises to provide land to MSMEs at a concession rate.




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