AP cabinet approves new industrial policy

The Andhra Pradesh State Cabinet has approved the new industrial policy for the state. The Cabinet meeting presided by the Chief Minister Chandrababu Naidu was held at Secretariat today. According to the new industrial policy, 100 percent stamp duty exemption will be given to the SC, ST and BC women entrepreneurs and Industries with above Rs.100 crores investment. Twenty five per cent exemption on stamp duty will be given to the industries that invests Rs.50 crores or above.

The state government offers uninterrupted power supply to the industries with a unit price of 75 NP only for next five years. Subsidies and incentives will be given to automobile and biotech companies. Under the new industrial policy, small scale industries will be given 75 per cent subsidy on the VAT Tax. 25 per cent subsidy will be given on VAT tax to the industries that implement Swachcha AP norms and 15 per cent tax subsidy to the industries that develop greenery. Land will be given to the industries on long lease for a period 99 years.