Jharkhand govt approves new industrial policy

Jharkhand Industrial Policy, 2012, was approved at the cabinet meeting, chaired by Chief Minister Arjun Munda, yesterday, according to official sources here.

According to the policy, industrialists keen to setting up projects worth rupees five crore and having a minimum of hundred job opportunities, would get an extra five percent grant under the provision of Comprehensive Project Investment Schemes (CPIS).

This is in addition to the 7 percent, 10 percent and 15 percent categorization of various schemes, it said. However, the CPIS would not cover big projects.

Similarly, an extra five percent grant would be given to those investors willing to implement the state reservation policy under the CPIS.

The investor-friendly policy is aimed at job growth, setting up of micro, minor and medium industries and silk industry and provides financial incentives of varying percentages.

In another significant decision that might strengthen the panchayat system, the cabinet approved bringing in a no-confidence motion against representatives and heads at various levels of the three-tier local bodies.

There should be a 3/4th presence of members to bring in a no-confidence against any member of the local body. And 3/4th of the members present is required for approval of the motion, the sources said.