Rajasthan CM approves amendments in investment promotion schemes

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Jaipur, Apr 6 (PTI) Chief Minister Ashok Gehlot on Tuesday approved necessary amendments in the Rajasthan Investment Promotion Scheme (RIPS) -2019 and RIPS-2014 to implement the announcements made in the budget for the purpose of smooth establishment of industries and promoting investment in the state.

The Finance Department has issued orders in this regard, an official statement said. With this approval, investors will get the benefit of various packages for enterprise establishment. Under the new rules, 5 per cent interest subsidy (maximum Rs 25 lakh) or 15 per cent capital subsidy (maximum Rs 2 crore) will be given every year for 5 years. Special Incubation Centers will be run for SC-ST entrepreneurs.

To take advantage of this package, SC-ST entrepreneurs will be required to have 100 per cent capital investment in a proprietorship firm and minimum 51 per cent capital investment in a partnership firm or private limited company.

The gems and jewellery industry has been added to service sector under RIPS-2019 to attract more investment. Healthcare sector and API (active pharmaceutical ingredients) have been encouraged by adding them to thrust sector category under RIPS-2019.

Similarly, in RIPS-2019, the minimum land requirement for resorts and amusement parks has been reduced from 5 acres and 10 acres, respectively, to 2 acres and 2.5 acres.

Employment grant to equipment manufacturing units of solar and wind energy has been increased from 75 per cent to 90 per cent. Development of infrastructure along with plant, machinery and equipment have also been added in RIPS-2019 for grant of interest subsidy.

According to the official statement, e-charging stations have been added to the service sector and thrust sector of RIPS-2019 to promote e-vehicles in the state.

Investment limit for production of e-vehicles has been reduced from Rs 50 crore to Rs 25 crore. The working period of Rajasthan Investment Promotion Scheme 2014 was only till March 31, 2021, but some units could not start production in the plan period.

For giving relief to such units, the duration of the scheme has been extended by two years till March 31, 2023. PTI AG ABM ABM