Maharashtra unveils new industrial policy

The new policy - which aims to increase the state GDP to 28 percent - will be implemented from April 1 and will be valid for five years, it was officially announced.

The government has proposed integrated industrial areas (IIA) to ensure all-round industrial development and boost the "walk to work" concept, said Chief Minister Prithviraj Chavan.

"We want proper all-round development in the state. With the special economic zones (SEZs), there have been issues like minimum alternate tax and dividend distribution tax. So, we are now offering IIAs," Chavan said.

Chavan said that those who have acquired land for SEZs directly from the central government, may get it de-notified and then apply to the state government for the IIAs.

The other highlights include a 1,000 MW gas-based power plant and multi-modal logistics park in the Talegaon area on the outskirts of Pune, as part of the state government's initiatives under the Delhi-Mumbai Industrial Corridor (DMIC).

The opposition parties slammed the policy, terming it as "favourable" to builders.

"It is clearly directed at favouring builders," said Leader of Opposition in Maharashtra Legislative Assembly Eknath Khadse of the Bharatiya Janata Party (BJP).

Khadse, a former finance minister in the 1994-99 Shiv Sena-BJP alliance government, said it was "not an industrial policy, but a housing and residential policy".

The Confederation of Indian Industries welcomed the new policy, especially the sections on the IIAs, and micro, small and medium enterprises which form the backbone of economic growth constituting 80 percent of the total enterprises.

The Indian Merchants Chamber also welcomed the NIP, terming it as "pro-active to the industry".