GUWAHATI, Feb 22 � The State Government today announced the new Industrial and Investment Policy of Assam, 2014 which primarily aims at encouraging sustainable investment in the MSME sector on local resources.
Announcing the policy, which will be effective from March 1, 2014, Industry Minister Pradyut Bordoloi informed that this time thrust has also been given to the service sector along with manufacturing.
�Besides building a vast pool of skilled manpower, the policy strives to attain adequate industrial infrastructure by acquiring non-agricultural and non-productive land and also proposes to convert the land of closed or liquidated State PSUs into industrial growth centres,� the Minister said.
He further stated that the policy, which will be valid for five years, also has provisions for VAT exemption for 15 years to industries set up on or after March 1, 2014.
Moreover, entry tax will be exempted for all eligible units, including State PSUs, on procurement of plant and machinery from other States.
Meanwhile, the State Government, with an aim to encourage small and traditional industries, has tied up with the Assam Gramin Vikash Bank, which will facilitate hassle-free loan to entrepreneurs.
�Under this Angel Fund Scheme, loan up to Rs 5 lakh would be given to promising entrepreneurs. A fund of Rs 12 crore has been kept as initial fund,� the Minister said.
�Under the scheme, for the first 10 months no repayment or interest would be charged. The repayment will start from the eleventh month. If the loan amount is repaid within seven months, then cash incentives would also be provided to the entrepreneur concerned,� he added.