NEW DELHI: Jharkhand Chief Minister Hemant Soren will on Friday launch an industrial policy that aims at attracting up to Rs 1 lakh core of investment, as the government is looking to establish the state as a hub of electronics system design and manufacturing.
The Jharkhand Industrial and Investment Promotion Policy (JIIPP) will be unveiled at an investors' meet in New Delhi, an official said.
With the launch of JIIPP 2021, the state government will promote business opportunities in the fields of textile and apparel, automobile, electric vehicles, food processing, pharma, electronic system design and manufacturing, tourism, health, IT & ITeS, renewable energy, breweries and distilleries, startup and incubation centres, education and MSME sectors, he said.
"To establish the state as a hub of electronics system design and manufacturing, a cluster has been set up near Jamshedpur," the official said.
Adityapur Electronic Manufacturing Cluster Ltd, a special purpose company, was established for its smooth functioning.
It is a greenfield project spread across 82 acre of land, he said, adding that the campus has 92 units with plug & play facilities.
An area of 49 acre has been booked for open infrastructure, which is ready to be allocated for 51 electronic manufacturing units.
"Jharkhand is a land of unlimited opportunities. We welcome all the investors and our government will stand by you. This will create employment opportunities for our skilled workforce, Soren said.
The JIIPP promises investors up to 100 per cent relief from SGST for nine years and 75 per cent for large scale industries for 12 years.
Through the new policy, we are trying to maximize incentives to investors and ensure they enjoy a business-friendly ecosystem in Jharkhand, the industries department secretary Pooja Singhal said.
The policy offers an incentive up to Rs 25 crore as a comprehensive investment project subsidy with an additional 5 per cent provision for women and specially abled investors and entrepreneurs belonging to SC and ST communities.
Apart from these, the policy has proposed interest and power subsidy benefits.
Chief Secretary Sukhdev Singh said the government will support investors and stand by them to actualise their investments into returns and growth.
During the launch of the policy here, the chief minister will hold one-on-one meetings with all stakeholders and representatives from different business houses from across the country, where he will listen to the proposals of investors.
Jharkhand is the largest producer of Tasar silk in India and the second-largest manufacturer of horticulture crops.
Apart from road, rail and air connectivity, India's second multi-modal port has been developed on the river Ganges, which provides opportunities to industries established in Jharkhand to the global market.
The government is planning to revive sick industrial units, the official said.
The state administration has identified several such facilities which can be revived, he said, adding that these factories can resume operations under the beneficial provisions of the JIIPP 2021.