MP Cabinet clears financial support for furniture and toy manufacturing units

Bhopal, May 13 (KNN) The State Cabinet of Madhya Pradesh has decided to provide specific financial assistance to the manufacturing units of furniture, toys and their related value chain products in line with the MSME Development Policy-2021. 

It will also provide, assistance on export and electricity tariff, along with industry development and interest subsidy, exemption in electricity duty, reimbursement of stamp duty and registration fee, employment generation grant etc. 

With an aim to push inclusive development in the State, the decision is taken to create employment opportunities and promoting entrepreneurship.

In this, maximum 40 percent industrial development grant will be payable on fixed assets like plant, machinery, building etc.

Interest subsidy will be given at the rate of 5 percent on term loans taken from banks/financial institutions for a maximum period of Rs 2 crore per annum for 5 years. 

A full electricity duty exemption for 5 years from the date of high pressure power connection to all eligible new units will be given. 

Further an assistance of Rs 1 per unit for 5 years from the date of commercial production on new connection will be given to high pressure power consumers. 

With regards to registration fee and stamp duty paid on land/bank loan documents 50 per cent reimbursement will be given and 25 per cent cost reimbursement will be given up to a maximum of Rs 10 lakh on obtaining maximum 4 quality certificates from authorized institutions. 

(KNN Bureau)