Shimla, June 3 (KNN) To promote Himachal Pradesh as one of the preferred destinations for investment, the State Cabinet has approved ‘Himachal Pradesh Industrial Investment Policy 2019'. The Cabinet also approved enhanced incentives to Micro, Small and Medium Enterprises (MSME).

The policy aims at redressal of issues impending industrial growth and ensure simplification of procedures, key physical and social infrastructure, human resource development, access to credit and market.

It also aimed at promoting ‘Ease of Doing Business’ by digitization of all processes and to promote self certification.

The Cabinet gave its approval for enhanced incentives to MSMEs, introduction of new concept of Anchor Units with higher incentives than larger industries, incentives for Common Industrial and interest subvention on the term loans to industries for three to five years with maximum limit of Rs 20 lakh per year.

It also approved increased Floor Area Ratio (FAR) for industrial units of different categories and capital subsidy for establishment of new private industrial areas/theme parks, concession in the electricity duty and rebate on electricity tariff to the tune of 15 percent.

In order to promote the traditional handicrafts and handloom sector, the cabinet decided to provide additional concessions for setting up such units over and above the incentives given to the industries.

The Cabinet decided to simplify the provisions of Rule 38-A of the H.P. Tenancy and Land Reforms Rules, 1975 for issuing Essentiality Certificate  for setting up of investment projects  in the State approved by the State level Single Window Clearance and Monitoring Authority  so as to attract more investments for the State.