Latest news with #IndustrialPolicyResolution
New Indian Express
a day ago
- Business
- New Indian Express
Odisha to provide aid to layer farmers to boost egg production
BHUBANESWAR: With Odisha lagging behind in egg production to meet its daily requirement, the state government is planning to provide more subsidy to mechanised layer farming to encourage agri-entrepreneurs for large-scale investment. At a recent high level meeting chaired by chief secretary Manoj Ahuja, it has been decided that the Fisheries and Animal Resources Development (FARD) department would approach the Industries department to include the 'mechanised layer egg production' projects under the priority sectors defined in the Industrial Policy Resolution (IPR-2022). Sources said if these projects come under the priority sector as defined in the IPR, investors can avail enhanced subsidy and other benefits as applicable. The existing provisions under Mukhyamantri Krushi Udyog Yojana (MKUY) and State Poultry Policy are not sufficient enough to encourage interested investors to go for large-scale layer farming. Although the FARD department had earlier moved the Industries department to include the 'mechanised layer egg production' projects costing more than Rs 50 crore, under the priority sectors of IPR-2022, it was denied. The Finance department observed that mechanised layer egg production comes under agricultural activity/operation as per NIC code and cannot be considered as an industrial activity, officials said.
New Indian Express
5 days ago
- Business
- New Indian Express
Incentives worth Rs 600 crore offered for semiconductor hubs in Odisha
BHUBANESWAR: Even as the Centre has approved two big-ticket chip plants worth Rs 4,009 crore for Odisha, the state government has upped its game and decided to offer special incentives and additional infrastructure support up to Rs 600 crore for setting up semiconductor parks. As per the recently amended Semiconductor Manufacturing and Fabless Policy, investors intending to set up a semiconductor industrial park in the state through world-class developers will get a subsidy of 25 per cent (pc) of the capital expenditure up to a maximum ceiling of Rs 400 crore. Capital expenditure include core infrastructure, common infrastructure and common facility centres. The park developers will also get land at 25 pc discount over the prevailing rate of Industrial Policy Resolution (IPR). The government has invited companies to establish public-private-partnership (PPP) ventures for common facilities centres with advanced infrastructure for tooling, instrumentation, testing and captive effluent treatment plants, among others. There will be interest subsidy of five per cent per annum on term loans for a period of seven years, up to a maximum limit of Rs 50 crore per annum, reimbursement of 100 pc of net SGST paid, 100 pc exemption of stamp duty on lease/sale agreement of land (for three transactions by the developer with each unit in the park) and 100 pc reimbursement of conversion fee for change of land use, besides incentives on power supply and water supply. The total outflow towards fiscal subsidy for any semiconductor park will be up to Rs 600 crore. Odisha is among the few states that are offering this amount of subsidy in a bid to become a hub of semiconductors. In case of semiconductor fabrication projects and display fabrication projects, the state will provide fiscal support on 30 pc of the project cost. However, for the first three units, the support will be provided on 50 pc of the project cost as defined by the Ministry of Electronics and Information Technology (MeitY).
Time of India
5 days ago
- Business
- Time of India
Cabinet nod to aircraft maintenance, repair, overhaul facility at BPIA
1 2 Bhubaneswar: A state cabinet meeting, chaired by chief minister Mohan Charan Majhi, on Wednesday approved the establishment of an aircraft maintenance, repair and overhaul (MRO) facility at the Bhubaneswar airport. The project, spearheaded by Air Works India (Engineering) Pvt Ltd, will receive an additional incentive package of more than Rs 80 crore, supplementing the existing industrial policy. Briefing media persons after the cabinet meeting, chief secretary Manoj Ahuja said the facility would be a significant initiative towards transforming Odisha into a regional hub for aviation services. "The world-class MRO facility will be the first major MRO facility in eastern India and a key milestone under the govt of Odisha's vision to strengthen aviation infrastructure through the MAAN (Building and Management of Aviation Assets and Network) scheme," he said. Govt sources said that the administration would provide a 50% capital investment subsidy to the company. While the Industrial Policy Resolution, 2022, allows a 30% subsidy, the cabinet approved an additional 20%. Furthermore, the govt will cover the rental cost of the facility for two years and the cost of ESI/EPF contributions for the manpower employed by the company at Biju Patnaik International Airport (BPIA) here. The company will invest Rs 150 crore to avail the subsidies. The aviation MRO market globally, as per a NITI Aayog report, is expected to reach $117 billion by 2031, an increase of 70% from $68.5 billion in 2021. Considering India's plans for increasing regional air connectivity, focusing both on passenger travel as well as cargo movement, and the fleet expansion plans of domestic airlines, the MRO requirements for servicing such a fleet would significantly rise in the coming years. India is poised to become the third largest aviation market after the US and China. Airline operators in India currently have a fleet size of around 713 aircraft and have placed orders for procuring an additional 1,000-plus aircraft in the coming 5-10 years. In India, airlines spend around 12-15% of their overall revenues on maintenance, which becomes the second most expensive item after fuel (around 40% of operating expenses). The exponential rise in the aviation sector presents a strong case for the development of the MRO industry. The NITI Aayog report mentioned that the MRO industry in India is expected to reach $4 billion by 2031, at a CAGR of 8.9%. In this context, the geographical positioning of Odisha and its proximity to several major routes create substantial potential for MRO services catering to domestic and international carriers. Approval of the MRO facility at BPIA marks a significant step towards realising this potential and establishing Odisha as a pivotal player in the aviation sector, a govt statement read. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
06-06-2025
- Business
- Time of India
Cabinet nod to Rs 1,113cr biotechnology devpt scheme
1 2 3 Bhubaneswar: The state cabinet, under the chairmanship of chief minister Mohan Charan Majhi, on Friday approved a comprehensive five-year biotechnology development scheme with an outlay of Rs 1,113.50 crore. The programme will be implemented from 2025-26 to 2029-30. The 'Development of Biotechnology' initiative, comprising 17 sub-schemes, aims to transform Odisha into a knowledge-driven bio-economy by leveraging the state's rich biodiversity and existing research infrastructure. "This scheme will create a robust ecosystem for innovation, incubation and investment in the biotechnology sector," a govt statement said. The programme aligns with the state's Industrial Policy Resolution (IPR) 2022, which identifies biotechnology as a thrust sector. The scheme's primary objectives include promoting higher education and research infrastructure, developing a supportive ecosystem for innovation and industry, aligning academic excellence with industry requirements and facilitating product development and commercialisation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 임플란트 최대 할인 지원해드려요 임플란터 더 알아보기 Undo It will also promote utilising biotechnology innovations for socio-economic development. The new scheme aims to bridge the gap between academia and industry while fostering collaboration across sectors including agriculture, medicine and environmental sciences. The initiative complements the recently announced Odisha Biotechnology Policy, 2024, offering incentives for advanced infrastructure development and positioning the state as a biotechnology hub. The cabinet also gave its nod to modalities of the Mukhyamantri Sahari Bikash Yojana (MSBY), with a massive outlay of Rs 6,000 crore over five years. The scheme, aligned with the state's "Viksit Odisha@2036 vision", aims to revolutionise urban infrastructure and boost revenue generation across cities. For the initial year (2025-26), the state has allocated Rs 1,100 crore in the last budget. The scheme, scheduled to run from 2025-26 to 2029-30, will focus on four key areas — urban infrastructure development, wage employment, water body development and animal welfare. Under the infrastructure component, the scheme will develop various facilities, including kalyan mandaps and multi-purpose halls, market complexes and vending zones, roads, drains, and parking facilities and EV charging stations, among others. The cabinet also gave its nod to exempt land premium of Rs 2.60 crore for lease of a piece of land to Narcotics Control Bureau for construction of its building. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
