India’s Madhya Pradesh cabinet recently approved the state’s Industrial Promotion Policy 2025 to attract domestic and foreign investment and generate 2 million jobs.

The policy comprises ten sub-policies, which cover agriculture, textile, apparel, footwear, electric vehicles (EVs) manufacturing, renewable energy equipment manufacturing and high value-added manufacturing.

The objective is to attract speedy investment to increase the state's current gross domestic product from ₹2.9 lakh crore to about ₹6 lakh crore by the year 2030, increase employment opportunities and creating about 20 lakh new employment opportunities in the next five years, improving investor facilitation and simplifying the process of doing business and preparing a trained workforce for the future, an official release said.

The Global Investors Summit (GIS) is scheduled to be held in Bhopal beginning February 24.

The policy also includes provisions for investment incentive support, general assistance and additional aid for large and mega-scale industrial units.

Under the textile policy, 5-per cent interest subsidy on term loans for plant and machinery, up to ₹50 crore for five years, 25-per cent financial assistance (up to ₹50 lakh) for establishing apparel training institutes and mega-category units investing over ₹500 crore will qualify for customised packages under the Cabinet Committee for Investment Promotion.

The policy for apparel, footwear, toys and accessories includes ₹5,000 per employee per month for five years to encourage job creation (within a 10-year period), ₹13,000 per new employee for training and skill development over five years, 5-per cent interest subsidy on term loans, up to ₹50 crore, 25-per cent concession on development fees and cent per cent exemption on stamp duty and registration fees.

Fibre2Fashion News Desk (DS)