New Delhi: The Union Cabinet today approved an additional financial outlay of Rs. 1164.53 crore for Industrial Development Scheme (IDS), 2017, for Himachal Pradesh and Uttarakhand to meet the committed liabilities under the scheme up to 2028-29.
As per the approval of additional funds, the following incentives would be benefitted under the scheme:
- Central Capital Investment Incentive for Access to Credit (CCIIAC) – All eligible new industrial units and existing industrial units on their substantial expansion in the manufacturing and service sector located anywhere in the States of Himachal Pradesh and Uttarakhand will be provided Central Capital Investment Incentive for access to credit (CCIIAC) at the rate of 30% of the investment in Plant and Machinery with an upper limit of Rs.5.00 crore.
- Central Comprehensive Insurance Incentive (CCII) – All eligible new industrial units and existing industrial units on their substantial expansion located anywhere in the states of HP and Uttarakhand will be eligible for reimbursement of 100% insurance premium on insurance of building and plant and machinery for a maximum period of 5 years from the date of commencement of commercial production/operation.
- Expenditure involved – The financial outlay of IDS, 2017 for the State of Himachal Pradesh and Uttarakhand was only Rs.131.90 crore, which was released during 2021-2022. Further, to meet the committed liabilities through the additional requirement of funds under the scheme up to 2028-29, the cabinet has approved the additional financial outlay amounting to Rs.1164.53 crore under the scheme.
It is anticipated to generate direct employment opportunities for about 48607 people by 774 registered units, a Cabinet note stated.
– global bihari bureau
