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Odisha Cabinet Amends MSME Policy To Pave Way For Swift Approvals And Environmental Responsibility

Updated: Dec 06, 2023 03:32:11pm

Odisha Cabinet Amends MSME Policy To Pave Way For Swift Approvals And Environmental Responsibility

Bhubaneswar, Dec 6 (KNN) The Odisha Cabinet led by Chief Minister Naveen Patnaik on Tuesday approved a list of amendments in Odisha MSME Development Policy 2022 for its effective and well-ordered implementation. 

One of the major amendments has allowed a differential amount of financial benefit to those MSMEs who have utilised alike incentives from the Government of India, if the state policy offers higher incentives.

Earlier some MSMEs were getting debarred to avail of higher financial incentives from the State Government because they have availed similar incentives from the Government of India. 

Currently, there is provision of exemption of “Stamp duty” and “Land Conversion Premium” only. With this amendment, the provision of reimbursement will be added which will give an entrepreneur two options i.e. exemption or reimbursement to choose from.

This newly introduced change will help those MSMEs which do not want to delay their project waiting for an exemption order to be issued. They can rather pay the stamp duty and land conversion premium upfront to expedite their project execution and seek reimbursement later.

Enhancement of the timeline for condonation of delay, from the present limit of 60 days to 90 days, for filing of application for incentives by MSMEs for reasons not ascribable to them.

To encourage environment friendly manufacturing activities, recycling or polythene and plastic have been removed from the ‘Negative List’.

The 68th Cabinet Meeting’ was held in the 3rd Floor Conference Hall of Lok Seva Bhawan, Bhubaneswar.

After the meeting, Chief Secretary Pradeep Kumar Jena briefed the press about the agenda items presented and approved in the Cabinet. ACS Revenue & DM, FE & CC Dept. Satyabrata Sahu was present.

(KNN Bureau)


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