Mumbai, Sept 15 (KNN) The Odisha Government on Thursday launched a 'special investment scheme for priority - stainless steel' to provide investors a 20 per cent subsidy on capital investment.

The scheme was launched by Odisha Principal Secretary, Industries, Hemant Sharma at the Global Stainless-Steel Expo 2023 (GSSE 2023) in Mumbai.

Speaking about the salient features of the scheme, Sharma said, “Under this scheme, businesses investing in the stainless steel downstream sector in Odisha will receive a substantial 20 per cent capital investment subsidy on their investments. This lucrative incentive is designed to stimulate growth and innovation within the sector".

The state government will provide the subsidy over a period of 5 years and there is no cap on the investment limit, he said.

As per reports, the scheme will also provides for businesses operating in the stainless steel downstream sector a power tariff subsidy of Rs 2/unit and a 100 per cent exemption on electricity duty, a move which will significantly reduce the operational costs of the entities and enhance the overall competitiveness of the industry.

"To further support the workforce and promote job creation, the scheme provides for a 100 per cent reimbursement of Employee State Insurance (ESI) and Employee Provident Fund (EPF) contributions for up to five years, and land allocation for projects on a priority basis," Sharma said.

Over 500 stakeholders of the stainless steel industry from India and abroad are participating in the three-day Global Stainless-Steel Expo 2023.

KNN Bureau

Mumbai, Sept 15 (KNN) The Odisha Government on Thursday launched a 'special investment scheme for priority - stainless steel' to provide investors a 20 per cent subsidy on capital investment.

The scheme was launched by Odisha Principal Secretary, Industries, Hemant Sharma at the Global Stainless-Steel Expo 2023 (GSSE 2023) in Mumbai.

Speaking about the salient features of the scheme, Sharma said, “Under this scheme, businesses investing in the stainless steel downstream sector in Odisha will receive a substantial 20 per cent capital investment subsidy on their investments. This lucrative incentive is designed to stimulate growth and innovation within the sector".

The state government will provide the subsidy over a period of 5 years and there is no cap on the investment limit, he said.

As per reports, the scheme will also provides for businesses operating in the stainless steel downstream sector a power tariff subsidy of Rs 2/unit and a 100 per cent exemption on electricity duty, a move which will significantly reduce the operational costs of the entities and enhance the overall competitiveness of the industry.

"To further support the workforce and promote job creation, the scheme provides for a 100 per cent reimbursement of Employee State Insurance (ESI) and Employee Provident Fund (EPF) contributions for up to five years, and land allocation for projects on a priority basis," Sharma said.

Over 500 stakeholders of the stainless steel industry from India and abroad are participating in the three-day Global Stainless-Steel Expo 2023.  (KNN Bureau)