Team Herald
PANJIM: With an eye on creating employment avenues for local youth, the State government granted approval for the Goa State Incentives to Encourage Investments Scheme, 2017. The benefits under the scheme will be limited only to investments in the talukas of Pernem, Sattari, Bicholim, Sanguem, Quepem, Cancona and Dharbandoda, Chief Minister Manohar Parrikar said after the Cabinet meeting.
He said this will be an umbrella scheme, under which target schemes for specific incentives shall be notified separately. “This is an affirmative scheme under which financial subsidy of up to 50% (70% in case of lesser developed talukas) of the cumulative capital investment at original value in the unit will be given provided 80 percent of locals are employed,” he said. He said 10% additional benefit will be given to all women and SC/ST entrepreneurs.
Projects involving hinterland eco-tourism in less-developed talukas, will be eligible for benefits under the target schemes of, “Interest Subsidy Scheme” and “Employment Subsidy Scheme” subject to conditions mentioned in those schemes. The cm said the scheme shall come into force with effect from October 1, 2017. Parrikar said it is to create sustainable employment. “The scheme will support environmentally sustainable industrial development while accelerating investment in State, make the existing industry competitive and will extend the benefits of the Investment Policy schemes to beneficiaries in a time bound manner,” he said.
The duration of this scheme shall be for five years unless extended, he said adding, however, benefits under the separate target schemes shall continue as approved and the umbrella scheme shall be operational for the purpose of implementing the target schemes. He said all target schemes shall be applicable to manufacturing units classified under micro and small sector. Medium and large manufacturing units and service units shall be eligible only if specified and included for receiving benefits under the respective target scheme.
