Puducherry government rolls out new Industrial Policy

PUDUCHERRY: Puducherry government has rolled out new industrial policy to promote pollution free, less water intensive and employment oriented sustainable industrial growth in the Union Territory.

The policy had been framed to promote industrial growth in the context of overall economic development of the Union Territory and it seeks to achieve industrial growth rate of seven percent per annum with manufacturing sector contributing sixty percent share to the Gross State Domestic Product (GSDP).

The new policy seeks to establish an investment friendly climate through transparent and proactive governance and ensure balanced and sustainable industrial development in all the four regions of Puducherry, Karaikal, Mahe and Yanam while conserving all aspects of environment.

The policy has identified thrust areas which include textiles and garments electronic industries among other units. IT hardware and software and IT enabled services, alternative and renewable energy products and bio technology based industries.

Capital investment subsidy would be available to scheduled caste, scheduled tribe and women entrepreneurs, technocrats for investment made on land, building, land and machinery at twenty-five percent of the investment subject to a maximum of Rs 25 lakhs for small and micro manufacturing entrepreneurs and Rs 50 lakhs for SC and ST entrepreneurs.