CABINET OKAYS SPECIAL INCENTIVES TO NEW MEGA/ULTRA MEGA PROJECTS UNDER INDUSTRIAL & BUSINESS DEVELOPMENT POLICY, 2017
· PRO-INVESTOR DECISION TO BOOST STATE’S ECONOMY AND PROPEL EMPLOYMENT GENERATION
Chandigarh, January 1: In a bid to boost state’s economy and catapult employment generation, the Punjab Cabinet led by Chief Minister Charanjit Singh Channi on Saturday approved the special package of incentives for new Mega and Ultra Mega Projects to attract huge investment in these projects across the State.
According to a spokesperson of the Chief Minister’s Office, the project with fixed capital investment of Rs. 1500 to Rs. 2500 Crore with minimum contract demand of 20 MVA shall be treated as Mega Projects and projects with fixed capital investment of above Rs. 2500 crore and minimum contract demand of 30 MVA shall be treated as Ultra Mega Projects.
Under the special package, the projects shall be provided special power tariff for 4 years to Mega Projects and 5 years to new Ultra Mega Projects from the date of release of permanent power connection. Similarly, the incentive of Net GST Reimbursement shall be available at the rate of 100% of Net GST with a cap of 200% of FCI to be availed over a maximum period of 17 years for Mega Projects and 20 years for Ultra Mega Projects. This special package of incentive shall be available to only those units which shall file their Common Application Form (CAF) before October 17, 2022 and shall attain commercial production within 3 years (Mega Projects) and 4 years (Ultra Mega Projects) from date of submission of CAF.
With the aforesaid special package of incentive, the State would be in a better position to attract the Mega and Ultra Mega projects which would be helpful in creating an industrial ecosystem in the State thereby promoting the development of many ancillary industries and will boost the industrial environment and economy of the State at the same time providing numerous employment opportunities.
GIVES NOD TO WAIVE OFF ALL PENDING ARREARS OF ELECTRICITY BILLS OF GAUSALAS
In another significant decision, the Cabinet also gave nod to waive off pending arrears of electricity bills of all Gausalas in Punjab.
