MP Government Forms New MSME Development Policy

Story Highlights
  • Government of MP announced a new MSME Development Policy to revive small scale industries.
  • MP Government Delegation visited Hyderabad for Investors' Outreach & Ecosystem Learning’s.
  • Possible provisions will be made to employ the local youths.

Madhya Pradesh: The Department of Micro, Small, and Medium Enterprises of the Government of Madhya Pradesh has devised a new MSME Development Policy to resuscitate the industries and make Madhya Pradesh self-sufficient. Apart from expanding governmental investment, every conceivable provision has been made in this policy employ local youths. Madhya Pradesh is far ahead of the rest of the country in terms of agricultural products, and it has been declared that these units will be given concessions as well as other benefits for processing these items in the state.

MP Government Delegation led by Mr John Kingsly MD at Madhya Pradesh Industrial Development Corporation along with Mr B Vijay Datta, Dy Secy, Department of Science & Technology, Government of MP & Mr. Anurag Verma IAS, Dy Secy at Industry Policy & Investment Promotion Department visited Hyderabad on October 21st for Investors’ Outreach & Ecosystem Learning’s at Tata Advanced Systems .

Many forms of help and facilities would be offered under the policy to the new food processing business, which has made a machinery-plant investment of more than Rs 10 crore and up to Rs 50 crore. Eligible food processing units will be free from paying mandi fees for 5 years or up to 50% of their investment in plants and machinery. The Madhya Pradesh government would offer a unique package to the pharmaceutical industry as part of the scheme. It will breathe fresh life into the state’s MSME pharma firms. A drug unit will receive up to Rs. 25 lakhs in support, or 50% of the cost of establishing lab equipment and machinery. The drug units investing up to Rs 10 crore will be eligible to avail of the benefits.

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