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  Electronics policy to attract USD 300 crore

Electronics policy to attract USD 300 crore

AGE CORRESPONDENT
Published : Feb 10, 2016, 1:39 am IST
Updated : Feb 10, 2016, 1:39 am IST

Aiming to attract USD 300 crore in investment, a turnover of USD 1,200 crore and create one lakh jobs in the next five years, the state Cabinet on Tuesday approved its electronic policy.

Aiming to attract USD 300 crore in investment, a turnover of USD 1,200 crore and create one lakh jobs in the next five years, the state Cabinet on Tuesday approved its electronic policy. It also said that Maharashtra would be made an electronic hub on the world map with the help of the policy. The policy was announced just a few days before the ambitious Make in India campaign begins in the city.

“The state has decided to give financial incentives like electricity bill, property tax, VAT to electronics industries; various facilities for the projects, simplification of tax collection, research and development in the field, encouraging intellectual property rights and uninterrupted power supply,” an official from the chief minister’s office said. With the new policy, the state is expecting some investment to come through the Make in India week where thousands of participants from over 10 countries would be participating, he added.

“Projects aimed at Vidarbha and Marathwada region and investing `5,000 crore to `10,000 crore within next 10 years will be given special concessions in land purchase, electricity bill, VAT etc.” the official said.

He further stated, “The electronics business is fast growing in the world and Maharashtra has the potential to become an electronics hub. The state has skilled workers, a base for information technology, and hence there are several opportunities in the field of electronics. The policy will encourage production of electronic gadgets and research in the field of electronics and engineering.”

The government is trying to start a one-window system for electronics industries so that seeking permissions would be simpler. The state’s emphasis is on making available land, water and electricity without hassle for the industries, the official said.