The Hindu Business Line : CII hails new AP industrial policy

In a press release here, the CII AP Chairman, Mr Ramesh Datla, said that the policy was proactive and a move in the right direction, which would boost industrialisation in the State.

He said CII welcomes the special incentives extended to the industry. The proposed 100 per cent reimbursement of stamp duty and transfer duty paid by the industry was a welcome move. Ploughing back of 25 per cent of the tax paid during one fiscal year, as a grant by the Government towards the payment of tax during the next year, was commendable, Mr Datla said.

Further, he said CII welcomes reimbursement of power cost at Rs 0.75 per unit. The idea of mega projects being eligible for all the incentives available to the large and small-scale industries, and the Government's will to extend tailor-made benefits to suit particular investment requirements on case-to-case basis was highly appreciable. This would provide greater impetus for investment in the State, Mr Datla said.

According to CII, creation of Industrial Promotion Fund for the purpose of addressing specific problems of existing large industries and for special fiscal benefits on case-to-case basis was a significant move.

Other aspects such as eight per cent subsidy on capital equipment for technology upgradation, 25 per cent rebate in land cost in IEs/IDAs limited to Rs 5 lakh would go a long way in attracting investment in the State, CII felt.

These incentives would encourage infrastructure development and growth of knowledge-based industries in the State.

Further, Mr Datla appreciated the idea to encourage, attract and involve women entrepreneurs in industrial capacity building.

"The New Industrial Policy would promote Andhra Pradesh as an attractive destination for industrial investments, which would alleviate economic growth and development," Mr Datla opined.

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