Chhattisgarh Government’s far-sighted decisions have accelerated the growth of industrial sector despite the corona crisis. Under the new industrial policy, Chhattisgarh Government has decided to provide a special investment incentive package for investment in Ultra Mega Projects of Sponge Iron and Steel Sector.
In this package for mega investors announced by the State Government, under the leadership of Chief Minister Bhupesh Baghel, investment incentive of maximum Rs 500 crore (Rs 1000 crore for Bastar) will be valid. To avail this incentive, proposed units will have to start production by 31st October 2024 or earlier. Likewise, financial investment incentive will be provided to those new units, which have started commercial production after investing Rs 100 crore in the permanent capital investment fund.
State Government has also made the industries of core sector across the state eligible for subsidized electricity supply. Subsidized electricity has revived the industries of core sector including Steel industries. These core sector industries have been benefitted by the market across the country.
Announcing this special package under the Be-Spoke Policy for industries of Sponge Iron and Steel Sector, region-wise subsidy limit has been increased from 60% to 150%. Even during lockdown, nearly 27 lakh tons of steel has been produced in the state, which is the highest in country.
It is noteworthy that under the leadership of Chief Minister Bhupesh Baghel, State Government has taken many considerate decisions to revive the industrial sector of Chhattisgarh, which includes electricity supply at subsidized rates, grants, simplified and convenient system for getting permission and approval, preference to locally produced industrial products, etc.
During corona crisis, while industrial activities across the country were shut down, core sector industries in Chhattisgarh continued the production. In the current financial year, production in industries other than core sector has also started from the last week of April month.