Package Scheme of Incentives Maharashtra 2018 – 23

Since 1964, the State Government of Maharashtra has been offering a Package of Incentives to new or expanding industrial units as a means to promote industrial development in the less developed areas of the state. Package Scheme of Incentives Maharashtra 2018 – 23 This initiative, commonly referred to as the Package Scheme of Incentives or Industrial Package Scheme of Incentives Maharashtra 2018 – 23 Promotion Subsidies, aims to encourage the establishment of industries in developing regions of Maharashtra.

 

The Maharashtra state government introduced a new industrial policy in 2019 with the dual objectives of dispersing industries to less developed areas within the state and stimulating employment opportunities in these zones. Package Scheme of Incentives Maharashtra 2018 – 23 Additionally, the policy seeks to attract increased investment into the state.

 

Package Scheme of Incentives Maharashtra 2018 – 23 The new Package Scheme of Incentives (PSI) is effective from April 1st, 2019, until March 31st, 2024. It offers various incentives such as tax exemptions or refunds, reductions in stamp duty, relief from electricity duty, interest subsidies, and more.

Package Scheme of Incentives Maharashtra 2018 – 23 The criteria for qualifying for incentives include the amount of fixed capital investment, the number of jobs created per unit, and the classification of the unit (small, medium, large, mega-large), among other factors.

The classification of Eligible Industrial Units in the Private Sector, Cooperative Sector, State Public Sector / Joint Sector shall be eligible to be considered for incentives under the PSI- 2019

1) Industries that are included in the First Schedule of the Industries (Development and Regulation) Act, 1951, as amended periodically.

 

2)Manufacturing industries or Maharashtra Industrial Development Corporation (MIDC) enterprises as defined in the Micro, Small, and Medium Enterprises Development Act, 2006 (MSMED Act, 2006).

 

3)Information Technology manufacturing units registered with the Directorate or the Development Commissioner of the Santa Cruz Electronic Export Processing Zone (SEEPZ) or Software Technology Parks of India (STPI) in the state, as per Government Resolution No: PSI -2019 / CR 46 / IND-8, Page 3 of 42.

 

4)Biotechnology manufacturing units as specified by the Government periodically.

 

5)Mechanised food/agro processing industries encompassing the following sectors:

• Dairy, fruit, and vegetable processing.
• Grain processing.
• Fish/meat/poultry processing.
• Consumer foods, including packed foods.
• Non-alcoholic beverages made from fruits and vegetables.

Please note: Only secondary and tertiary agro and food processing units are eligible for incentives. However, this condition does not apply to processing/manufacturing units established by Farmer’s Producer Companies and units set up in government-assisted Food Parks that also engage in primary processing activities.

 

Exceptions for PSI Scheme in Maharashtra

units manufacturing the following products are not eligible for incentives under the Package Scheme of Incentives – 2019, as per the provisions outlined in the Government Resolution dated September 16th, 2016 (reference 16):

(a) Beer and liquor manufacturing industries.

(b) Cigarettes, bidis, or any other tobacco-containing products manufacturing industries.

(c) Gutka and pan masala manufacturing industries.

(d) Any other product(s) banned by the Central or State Government.

 

Units engaged in manufacturing all types of textiles, including cotton ginning and pressing, sizing, spinning, weaving, bleaching, dyeing, mercerizing, as covered under the Textile Policy – 2018 – 23 of Maharashtra State, shall be eligible for incentives exclusive of those offered by other State Government agencies. For further details, please refer to the Maharashtra Package Scheme of Incentives notification.

 

How do we help you to get benefits from Maharashtra State Incentive Schemes?

At Interlink Capital, we provide comprehensive guidance on relevant incentive schemes to our clients and assist them throughout the application process to ensure they maximise benefits for their businesses.

We specialise in identifying eligible industries, including Micro and Small-Scale Enterprises, as well as Large-Scale Industries defined under the relevant acts. Additionally, we offer support for business expansion and diversification initiatives.

 

Why Choose us as SIS Advisor for Maharashtra?

With our specialised team and extensive experience, we navigate potential obstacles related to exports, significantly reducing turnaround times by providing expedited services.

At Interlink Capital, we not only assist with initial paperwork but also facilitate the acquisition of final licences as required. We specialise in obtaining package scheme incentives in various cities such as Pune, Nashik, Aurangabad, Nagpur, and other parts of Maharashtra.

 

Maharashtra Fin-Tech Policy – 2018

Under the Maharashtra Fin-Tech policy, a ₹250 crore Fin-Tech corpus will be established over the next three years. This fund will be utilised for constructing co-working spaces and offering incentive funds totaling ₹30 crore, along with an annual reimbursement of ₹10 lakh per start-up.

 

Package Scheme of Incentives Maharashtra 2018 – 23 The Maharashtra government aims to set up a Global FinTech Hub in the Mumbai Metropolitan Region, with the goal of positioning the state among the top five FinTech centres globally within the next five years.

In February 2018, the state cabinet approved a policy to facilitate the establishment of 300 start-ups in the FinTech sector over the next three years. Package Scheme of Incentives Maharashtra 2018 – 23 Additionally, a venture capital fund of Rs200 crore will be allocated to support FinTech start-ups.

What is the fin-tech policy incentive?

 

The Maharashtra government has introduced a Fin-tech policy aimed at establishing a global Fin-tech hub in Mumbai. Package Scheme of Incentives Maharashtra 2018 – 23 As part of this initiative, the government will provide a minimum of 10,000 square feet of co-working space at a prime business location in Mumbai, offering subsidised rates to Fin-tech companies. This policy aims to capitalise on Package Scheme of Incentives Maharashtra 2018 – 23 Mumbai’s inherent strengths as a financial hub and foster the growth of the Fin-tech sector in the region.

Package Scheme of Incentives Maharashtra 2018 – 23 The policy offers several incentives to support its objectives, including the establishment of a venture capital fund totaling Rs200 crore dedicated to start-ups. Additionally, it provides for an extra floor space index (FSI), which determines the permissible construction on a plot of land, to facilitate the creation of smart Fin-tech centres. Furthermore, the policy includes the establishment of a Fin-tech corpus of Rs250 crore, which will assist the government in achieving the outlined objectives.

Who is Eligible for Maharashtra Fin-Tech Policy?

Under the policy, a Fin-tech start-up with a turnover of at least Rs25 crore will receive annual assistance of Rs10 lakh for three years. Package Scheme of Incentives Maharashtra 2018 – 23 This assistance covers reimbursement for goods and services tax, internet and electricity expenses, co-working and rent space charges, as well as expenses for participating in global exhibitions or similar events. Package Scheme of Incentives Maharashtra 2018 – 23 Additionally, the government will provide support to establish Fin-tech accelerators and incubators.

In order to support the growth of the global FinTech hub in Mumbai, the policy permits the government to create an industrial sandbox.

Furthermore, the government will create an advisory council comprising 15 external experts. This council will assist the government steering committee in implementing the policy.

Maharashtra Electric Vehicle Policy – 2018

Package Scheme of Incentives Maharashtra 2018 – 23 Interlink Capital Advisors offers high-quality services to its esteemed clients for the Maharashtra Electric Vehicle Policy 2018, which is aimed at promoting the adoption of electric vehicles (EVs) in the state of Maharashtra. EVs are known for being eco-friendly, cost-effective in terms of fuel, requiring lower maintenance, energy-efficient, and offering increased safety features. The global industry, various governments, and pioneers in the field have successfully demonstrated that EV technology is practical, sustainable, safe, and affordable. The United Nations (UN) has included the promotion of EVs in its sustainable development agenda for 2030.

The Government of India (GoI) has set a target to transform India into an “electric vehicle nation” by 2030. As part of the National Electric Mobility Mission Plan, the government aims to have 6 million electric and hybrid vehicles on Indian roads by 2020. To achieve this goal, the GoI has launched the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, which focuses on saving 120 million barrels of oil, reducing 4 million tons of CO2 emissions, and lowering vehicular emissions by 1.3 percent by 2020. Package Scheme of Incentives Maharashtra 2018 – 23 The FAME India scheme emphasises four key areas: technology development, demand creation, pilot projects, and charging infrastructure.

The scheme is planned to be implemented over a six-year period until 2020. The Government of Maharashtra aims to position Maharashtra as a model state for electric vehicles (EVs).

What are the Main Objectives of the Electric Vehicle Policy 2018?

1. a) Foster Maharashtra’s position as a frontrunner in electric vehicle (EV) manufacturing and adoption.
2. b) Create new employment prospects.
3. c) Promote the export of EVs, components, batteries, and charging equipment.
4. d) Support research and development, innovation, and skill enhancement in the EV sector.
5. e) Cultivate a sustainable transportation ecosystem.

What is the target of electric vehicle policy 2018?

 

The objectives are to boost the number of registered EVs in Maharashtra to 500,000, attract investments worth Rs. 25,000 crores in EV manufacturing, component manufacturing, battery manufacturing/assembly enterprises, and charging infrastructure equipment manufacturing within the state, and to create 100,000 job opportunities.

The incentives for electric vehicle policy 2018?

1) Pioneer Units, Mega Units & Ultra Mega Units

Incentives for pioneering units, mega units, and ultra mega units engaged in manufacturing electric vehicles will be provided according to a predefined template. Package Scheme of Incentives Maharashtra 2018 – 23 The package of incentives can be adjusted based on recommendations from the High-Power Committee and subsequently approved by the cabinet sub-committee.

2) MSME and Large units

MSMEs and large units involved in electric vehicle (EV) manufacturing will be entitled to incentives according to the Package Scheme of Incentives (PSI) currently in effect. However, eligible units in zones A & B (as defined under PSI) will receive incentives equivalent to those available in zone C. Units in other zones will be eligible for incentives at a scale one level higher.

For commercial public EV charging stations catering to cars, buses, three-wheelers, and two-wheelers, a 25% capital subsidy on equipment and machinery will be available, capped at Rs. 10 lac. Package Scheme of Incentives Maharashtra 2018 – 23 The incentive per station is applicable for the first 250 charging stations.

Package Scheme of Incentives Maharashtra 2018 – 23 Interlink Capital Consultants offer consultation services related to capital subsidy for commercial public EV charging stations.

Maharashtra Coir Policy – 2018

The coconut tree is revered as a Kalpvruksh, symbolizing its immense usefulness to mankind. Package Scheme of Incentives Maharashtra 2018 – 23 Every part of this tree serves a purpose, making it invaluable. From the oil extracted for cooking to the tender nut providing a nourishing drink, and from the husk yielding coir and coco pith, various products contribute to human well-being. In coastal regions like Maharashtra, where the coconut tree thrives, the livelihoods of many people depend on it. Recognizing the significance of coir production in such states, the Maharashtra Coir Policy has been introduced to support the manufacturing of coir and coir products from coconut husks.

 

In light of the fact that only 1% of available husk is currently processed for producing coir and coir products in Maharashtra as of 2019, there exists significant potential for the development of the coir-based industry in the state. Package Scheme of Incentives Maharashtra 2018 – 23  Recognizing this opportunity, the Government of Maharashtra aims to introduce a policy to foster the growth of the coir industry and support coir entrepreneurs.

Scope of the Maharashtra Coir policy

Package Scheme of Incentives Maharashtra 2018 – 23 Under this policy, Micro, Small, and Medium Enterprises (MSMEs) registered with Udyog Aadhar Memorandum under the MSME Development Act of 2006, as well as eligible enterprises outlined in the Public Sector Investment (PSI) 2013, will receive special incentives as part of a dedicated scheme.

 

Special Capital Incentives

Under the Package Scheme of Incentives, both new and expanding Micro, Small, and Medium Enterprises (MSMEs) will be eligible for a special capital subsidy ranging from 30% to 35% of their fixed capital investment, with a maximum limit of Rs. 50 lakhs. This capital subsidy will be disbursed in five equal instalments as annuities, starting from the date of commencement of production.

Package Scheme of Incentives Maharashtra 2018 – 23 Industries that qualify for capital subsidy under other schemes of either the state or central government will also be eligible to avail of the benefits offered by the Maharashtra coir policy scheme. package-scheme-of-incentives-maharashtra-2018-23 However, the permissible capital subsidy will be limited to a maximum of 50%.

Cluster development incentive

package-scheme-of-incentives-maharashtra-2018-23 The Maharashtra State Industrial Cluster Development Programme (MSICDP) aims to establish five common facility centers for coir-based MSMEs. These centers will receive assistance in the form of subsidies covering up to 90% of the project costs. package-scheme-of-incentives-maharashtra-2018-23 The necessary funds for setting up these facility centers will be sourced from the budget allocated to the Industries Departme

SOURCES: http://di.maharashtra.gov.in/_layouts/15/doistaticsite/English/investors_guide_psi.html

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