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Chautala shows industry face of Haryana
Haryana, a favourite investment destination of multinationals like Mitsubishi, Honda, Sony, Suzuki, YKK and Whirlpool, currently has a total of 650 projects with foreign technical and financial collaboration. A large number of investors include NRIs from the UK, US and Germany. Interestingly, a substantial number of projects have been set up with equity participation from state government undertakings.
Speaking at a public function organised by the Indian Merchants' Chamber in Mumbai recently, Haryana Chief Minister Om Prakash Chautala said, "Under my leadership, all industrialists have been given due respect. Two years ago, I had personally interacted with industrialists in all the 19 districts of the state to understand and solve their problems."
The Government of Haryana has been able to identify the following sectors for development in the state in future: Agro-based and food processing, electronics, information technology and telecommunication, automobiles and automotive components, light and medium engineering industry, handloom, hosiery, textile and garment manufacturing industry, and export-oriented units.
The government has announced special incentives for those projects that have an investment of Rs 30 crore or above. Some of them are as follows:
* All new industrial units, except those in the list of negative industries, are exempted from payment of electricity duty for a period of five years.
I Rebate is given on cost of land equivalent to 20 per cent of the land cost if the industrial unit starts commercial production within three years from the possession of land.
* Haryana Financial Corporation provides term loans for industrial projects up to Rs 50 million to units where capital and free reserves are not more than Rs 10 crore. The loan has to be repaid within 8-10 years.
* Power, which is another important component of the physical infrastructure, is all available in abundance.
A noteworthy fact with regard to the allotment of land in the state is that the process takes place on a first-cum-first serve basis. Ten per cent of land is reserved for NRIs and 10 per cent for EOMs with at least 33 per cent export orders and units having a minimum foreign equity of 33 per cent.
Chautala shows industry face of Haryana
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