“BY PROVIDING capital subsidies, the Government can stimulate economic growth, promote entrepreneurship, and support the development of MSMEs,” said CA Julfesh Shah, Chairman of COSIA, Vidarbha and Sudarshan Shende, Vice Chairman of COSIA, Vidarbha, while submitting a memorandum to Directorate of Industries, Maharashtra, on the upcoming New Industrial Policy of the State. The COSIA delegation met G O Bharti, Joint Director of Industries, Vidarbha, and submitted a memorandum with suggestions to be considered while framing New Industrial Policy of Maharashtra. The memorandum, which was also submitted to the Principal Secretary of Industries and the Development Commissioner of Industries, outlined several key suggestions to promote the entire ecosystem of Maharashtra in general, and Vidarbha in particular.

 

One of the key recommendations was to consider special capital incentives, similar to those provided in other leading industrial states for MSMEs, in addition to a basket of incentives like SGST reimbursement, power tariff subsidies, interest subsidies, etc. The memorandum also suggested providing special benefits for export-oriented units and GST-exempted units, such as agro-processing and food processing units, which currently are unable to avail SGST reimbursement benefits and therefore deserve benefits in other forms. Furthermore, the memorandum pointed out that solar systems should be considered eligible assets in project costs. This adjustment would support the promotion of renewable energy, which is crucial in today’s context. It also recommended adopting the new definition of MSMEs as announced in the budget and incorporating it into the new industrial policy.

 

The COSIA delegation also highlighted the need to address the anomalies and discrimination faced by Special Large Scale Industries under the current policy. In addition, they suggested providing incentives or special schemes for the service sector, which could support the growth of service-oriented IT companies, testing, and design laboratories, among others. Industries and entrepreneurs have high expectations for concessions and benefits in the upcoming industrial policy, which is expected to be rolled out in the upcoming financial year.