Andhra Pradesh CM Jaganmohan Reddy unveils industrial policy to promote SC, ST entrepreneurs

Andhra Pradesh Chief Minister Jaganmohan Reddy has on Monday launched 'Jagananna YSR Badugu Vikasam', a special industrial policy for the SC, ST entrepreneurs.

Speaking on the occasion, the Chief Minister said that the people from SC and ST communities should not be left out as a working class but should emerge as entrepreneurs.

“Our government has taken various initiatives to promote entrepreneurship among the SCs and STs. We are providing incentives up to Rs one crore to such entrepreneurs which has never happened before,” the Chief Minister said.

Reddy added that skill development programs are being held to improve the skills among the SCs and STs and to facilitate them in their ventures.

The policy provides fiscal incentives, exemption of stamp duty, investment subsidy, land allotment, power, interest subsidy, quality certification or patent registration, seed capital, and other required assistance.

The Chief Minister also added that many welfare schemes like 'YSR Cheyutha' and 'YSR Asara' are being implemented in the state to bring a qualitative change in the lives of SC, ST, OBCs, and also the poor among the upper castes.

Special Industrial policy for SC/STs 2020-23 - Main features:

In APIIC industrial parks, 16.2 % of developed lands would be reserved for SCs and 6 % for STs

100 % reimbursement of stamp duty and transfer duty paid by the industry on purchase of land meant for industrial use

100 % reimbursement of stamp duty for lease of land/shed/buildings and mortgages and hypothecations

50 % rebate in land cost limited to Rs 20 lakhs in the industrial estates/parks for MSEs

25 % land conversion charges for the industrial use limited to Rs 10 lakhs for MSEs

Reimbursement of 100% net SGST to Micro and Small Enterprises, 75% net SGST to medium enterprises, and 50% net SGST to large enterprises for a period of 5 years from the date of commencement of commercial production or up to the realisation of 100% fixed capital investment, whichever earlier.

Fixed power cost reimbursement @ 1.50 per unit for five years from the date of commencement of commercial production

In the manufacturing sector, an investment subsidy of 45% on fixed capital investment up to Rs 1 crore

In the service and transport sector, 45 % investment subsidy on fixed capital investment limited to Rs 75 lakh