New Incentives in Indian Mining Sector

By admin • October 25th, 2010

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The mining sector in Madhya Pradesh could benefit from the features of a new investment policy unveiled by the Chief Minister, Mr Shivraj Singh Chauhan.

The Indian state Madhya Pradesh has signed up to 20 investment agreements worth RS 1,20,647 crore during the two-day Global Investment Summit. Of these 20 agreements 16 MoU’s were signed for industrial projects and four were in the energy sector. The sate will also offer land at concessional rates, whilst there will also be fiscal initiatives such as the exemption of the Mandi fee and reimbursement of VAT under the New Industrial Promotion Policy 2010. The Chief Minister said the initiatives are all set out to ‘attract investments, earn revenue and generate employment’.

Investments to the state already include The Madhya Pradesh Government’s Trade & Investment Facilitation Centre (TRIFAC)and the Delhi-Mumbai Industrial Corridor signed agreement for investments worth Rs 33,147 crore. The projects include the 22-km Indore-Pithampur Economic Corridor and Knowldege City in Ujjain.

UltraTech, NTPC Thermal Power Plant, Videocon Industries, GAIL (India) and Essar have also announced new investments in sectors including energy, mining, cement, ferro alloy, and white goods

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