Government Subsidy: The government of Madhya Pradesh is set to enhance financial support for industries that create a greater number of job opportunities. In addition to this, the government will extend assistance through various resources.
Seven policies have been ratified
Seven policies have been ratified to foster the growth of startups, as well as micro, small, and medium enterprises, which include provisions for subsidies of up to 40 percent for these industries. This resolution was reached during a cabinet meeting held on Tuesday, prior to the upcoming Global Investors Summit (GIS) in Bhopal.
Financial aid for establishing industries
The cabinet has prioritised financial aid for establishing industries led by Scheduled Castes (SC), Scheduled Tribes (ST), women, and individuals with disabilities. Furthermore, the policies include provisions for grants of up to Rs 125 crore for the acquisition of plant and machinery or equipment for companies with an annual turnover ranging from Rs 10 crore to Rs 500 crore that invest in Madhya Pradesh. Plans are underway to designate Bhopal, Indore, Gwalior, Jabalpur, and Ujjain as Electric Vehicle (EV) cities, with the state government offering incentives and various discounts for the purchase of EVs.
Tapti Mega Recharge Project
Additionally, the cabinet has approved the Tapti Mega Recharge Project, which entails the construction of a 273-kilometer canal aimed at enhancing irrigation capacity across 123,000 hectares in the Khandwa-Burhanpur region. The government asserts that a Memorandum of Understanding (MoU) will soon be established between Madhya Pradesh and Maharashtra concerning the world’s largest Tapti Mega Water Recharge Project. In another initiative, the cabinet has resolved to develop the Lake View Ashok Hotel in Bhopal into a branded hotel under a public-private partnership (PPP), which is expected to generate an annual revenue of Rs 10 crore for the government.