Tripura announces new industrial policy

Dec 15, 2007, 15:01 GMT

Agartala, Dec 15 (IANS) The Tripura government has announced a modified industrial policy with huge facilities and financial support to woo possible investors in the region.

The policy will come into effect from April next year. 'The Tripura Industrial Policy is aimed at sustainable economic development and improved living standards by creating employment opportunities with a special focus on optimal utilization of natural and physical resources,' said Tapan Chakraborty, industry and commerce minister.

According to the minister, since the announcement of the industrial policy in 2002, Rs.1.95 billion were invested in the state with some 4,000 new jobs being created.

'We expect, with the announcement of the new policy, Rs.500 million will be invested annually in the industrial sector based on unexploited natural resources like natural rubber, cane and bamboo, fruit processing, tea, mineral and forest based resources,' Chakraborty said.

He said, 'Promotion of tourism, hospitality and IT are the other priority sectors of the new industrial policy.'

Industrial units can avail of 100 percent transport subsidy on raw material and finished goods under the new scheme.

The policy also broadens scope of capital investment subsidy, value added tax (VAT), interest subsidy and subsidy on electricity consumption charges.

© 2007 Indo-Asian News Service