Goa govt notifies modified interest rebate scheme to boost economic growth

The Goa govt believes the modified interest rebate scheme, notified on Tuesday, will create a conducive environment for entrepreneurs, boost employment opportunities, and drive overall economic growth

The Goa government believes the modified interest rebate scheme, notified on Tuesday, will create a conducive environment for entrepreneurs, boost employment opportunities, and drive overall economic growth in the coastal state.

The Mukhyamantri Modified Interest Rebate Scheme was announced in the Budget to promote industrial development.

A senior official of the Chief Minister's Office (CMO) said the new scheme is aimed at encouraging investments in various sectors and promoting industrial development in the state, including the industrially underdeveloped talukas.

He said the scheme reflects the state government's commitment to ensuring inclusive growth and equal opportunities for entrepreneurs across all regions.

The scheme will be implemented for a period of five years, starting from April 1, 2023, to March 31, 2028, and it applies to both new and existing industrial/MSME loans disbursed by EDC (Economic Development Corporation).

He said that as per the scheme, the units located in the industrially underdeveloped talukas of Goa are eligible to receive a five per cent per annum interest rebate.