Haryana Aerospace and Defence Production Policy, 2022 to facilitate MSME growth

Chandigarh, May 7 (KNN) With an aim to attract USD 1 billion investment, the Haryana Aerospace and Defence Production Policy, 2022 has laid a special emphasis on development of the MSME sector and its business growth.

Changing it’s perspective towards MSMEs, the policy envisions to transform from a regulator to a facilitator.

Receiving an approval from the state cabinet of Haryana on Friday the policy will aim to generate employment opportunities of around 25,000 persons in five years and to position the state as country’s leading aerospace and defence manufacturing hub.

The cabinet also approved the Haryana Enterprises Promotion (Amendment) Rules, 2021 through which MSMEs will be given all requisite business clearances within 15 days.

After 15 days there will be a provision for automated deemed clearance on the HEPC portal.

Net SGST reimbursement for a certain duration, capital subsidy, employment generation subsidy, stamp duty reimbursement, 100 per cent electricity duty exemption for 10 years, etc are some of the fiscal incentives offered under the policy.  (KNN Bureau)