Additional funds under Industrial Development Scheme, 2017 for HP & UK
Utkarsh Classes
Last Updated
18-12-2023
State news
4 min read
The Union Cabinet has approved the Industrial Development Scheme (IDS), 2017 for Himachal Pradesh (HP) and Uttarakhand (UK) amounting to Rs.1164.53 crore.
Earlier the Government of India had announced the Industrial Development Scheme, 2017 for the State of Himachal Pradesh and Uttarakhand in 2018 vide Notification No. 2(2)/2018-SPS dated 23rd April 2018.
- The total financial outlay under the scheme was Rs.131.90 crore. This allocated fund has been exhausted during the financial year 2021-22. Further, additional funds of Rs 1164.53 crore are required to meet the committed liabilities till 2028-2029.
- Apart from this, Cabinet approval was sought for allocation of financial outlay under Industrial Development Scheme, 2017.
Direct employment opportunities for 48607 people:
- In this context, it is estimated that 774 registered units will generate direct employment opportunities for about 48607 people.
- The Cabinet in its meeting on 6th September 2023 discussed the proposal of the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade for Industrial Development Scheme for Himachal Pradesh and Uttarakhand, 2017.
- Thereafter the Cabinet has approved the requirement of additional funds to meet the committed liabilities under the scheme up to the year 2028-29.
- As per the sanction of additional funds under the above scheme the following incentives will be benefited under this scheme.
Central Capital Investment Incentive for Access to Credit (CCIIAC):
- Access to Credit for Investment in Plant and Machinery (CCIIAC) @ 30 to all eligible new industrial units and existing industrial units undertaking substantial expansion in manufacturing and service sector anywhere in the States of Himachal Pradesh and Uttarakhand with an upper limit of Rs.5.00 crore Central Capital Investment Incentive will be provided for per cent.
Central Comprehensive Insurance Incentive (CCII):
- All eligible new industrial units and existing industrial units anywhere in both the states shall 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.
Expenses involved:
- The financial outlay of IDS, 2017 for both the states was only Rs 131.90 crore, which was released during 2021-2022.
- In addition, to meet the committed liabilities by way of additional requirement of funds under the scheme by 2028-29, the Cabinet has approved an additional financial outlay of Rs.1164.53 crore under the scheme.
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