Mumbai, Aug 27 (KNN) The industries in Maharashtra will now have to employ atleast 80 per cent of the locals as the Maharashtra government on Monday has it has added a new ‘sons-of-the-soil’ clause in its Industrial Policy. The industries which fail to comply by this norm may also face cancellation of their Goods & Services Tax (GST) incentives.

The Minister for Industries and Mining Subhash Desai called up on all business leaders, entrepreneurs, and businessmen to take advantage of the new industrial policy and grow their business.

He said the companies may find their GST incentives cancelled if the sons of the soil clause is not adhered to.

Highlighting that the previous version of Udhyog Dhoran had been used to sign 1,289 MoU’s (Memorandum of Understandings) with the micro, small and medium enterprises (MSMEs), attracting investments worth Rs 3,591 cr, Desai said the new policy is expected to boost investments in the MSME sector.

“Overall, Maharashtra employs 2.4 million persons in 3.8 lakh registered MSMEs. The State government is to set up Global Investment Promotion Council (GIPC) of Maharashtra. The council shall create strong network of enterprising people across the globe to attract investment in multiple sectors in the State as part of the policy,” Desai said, describing the new policy.