Bhopal, Feb 22 (IANS) The Madhya Pradesh government has set the target of achieving a two trillion economy by 2047 and also aims at brining more investment to the state during the upcoming business summit.
After the BJP government took over the state, one can discern a sea of changes related to the development of the state. During the tenure of former Chief Minister Digvijay Singh, a few modest investors’ summits were organised in Khajuraho with select participants, but these gatherings bore little fruit.
Post Digvijay Singh’s regime in 2004, the BJP government under the stewardship of Shivraj Singh Chouhan not only started Global Investors’ Summits afresh but made it a biennial affair.
The incumbent government has worked a lot to change and elevate the state’s gross domestic production to a staggering Rs 30 lakh crore by 2030, with an even more ambitious target of achieving an economy worth two trillion economy by 2047.
An official said that upon perusal of new policy documents, the government pledges a multitude of incentives and financial assistance to ensure a seamless ‘Ease of Doing Business’ for investors in both traditional and contemporary sectors like IT and IT-enabled services.
Highlighting several facilities outlined in the policy to be unveiled at the upcoming business summit, the official noted that Madhya Pradesh anticipates establishing over 160 parks across various industrial sectors by 2030, alongside export zones and initiatives exploring private-sector collaboration.
Additionally, the state envisions the development of 5-10 Smart Industrial townships along key industrial corridors, green industrial zones/eco-industrial parks, and integrated residential and commercial areas within new industrial zones—ambitions that were inconceivable two decades ago.
A noteworthy feature of the new policy is the provision of a one-time subsidy amounting to 25 per cent for export-related infrastructure, up to Rs 1 crore per entity, including testing laboratories, research and development centres, and export incubation centres.
In stark contrast to the previous days of Congress, the newly enacted ‘Madhya Pradesh Udyogon Ki Sthapna Evam Parichalan Ka Saralikaran Adhiniyam, 2023,’, exempts industries from 22 approvals and the inspections of seven departments for a period of three years. This Act, now notified, applies to 296 industrial areas across the state, the official stated.
Regarding incentives under the New Policy, eligible investments include significant benefits such as 50 per cent cost coverage for captive power based on renewable energy (capped at 20 per cent of plant and machinery costs with factory sheds and buildings), provided a minimum of 50 per cent of the generated power is consumed on-site.
Even imported second-hand or refurbished machinery with an expected lifespan of 10 years qualifies for incentives under the new policy.
The official said that if a company exports more than 25 per cent of its production, it will be entitled to a one-time subsidy of 25 per cent for export-related infrastructure up to Rs 1 crore per entity, including research and development centres and test laboratories—a pioneering initiative by the state government.
Additionally, the exporter can receive an incentive of Rs 2 crore per annum for five years under certain conditions and export marketing assistance. The greater the export volume, the more substantial the incentives, the officials said.
As far as infrastructure development is concerned, the previous government had no strategic plan for park development. However, the current state government has already developed several parks and has more in the pipeline, including four funded by the Union government with a capital expenditure of nearly Rs 2000 crore. There are also 38 new industrial areas under development, with a capital expenditure of Rs 3700 crore.
Prime Minister Narendra Modi’s recent ‘X’ post is sufficient to respond to Congress’s criticism of the upcoming business summit.
“The next two days will be dedicated to the development of Madhya Pradesh,” PM Modi.
It is worth mentioning here that no prime minister ever attended any investor summits organised during the Congress tenure.
–IANS
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