Tripura to provide subsidy on setting up of large industries

The attract investment the Tripura government has decided to provide subsidy on setting up of large industries in the north-eastern state.

The decision to provide subsidies on capital investment for large industries was approved in the meeting of council of ministers recently, Cabinet Spokesperson and Education Minister Ratan Lal Nath told reporters here on Tuesday.

"Our government has fixed its priority to create jobs for the unemployed youth, so we have decided to provide attractive subsidy offers for potential investors," Nath said.

According to the new investment promotion policy, the state government will fully waive State Goods and Service Taxes (SGST) under industrial promotion subsidy, will provide five per cent subsidy on interest of bank loans and 25 per cent subsidy on electricity bills incurred during production in their units.

As per the new investment promotion policy the state government would also bear all expenses of Employees Provident Fund (EPF) of workers engaged in the industrial units, will provide 10 per cent subsidy for transportation and 10 per cent subsidy for export promotion.

The minister also said the government's new industrial policy would focus on inviting investments in hotel business, hospitals and nursing sector, in addition to bamboo based industry, rubber, agriculture, horticulture, tea processing and gas based industries.

Nath said "We are optimistic that the revised rules would attract potential investors to Tripura and help in building an investment-friendly environment here."