CG cabinet approves special incentive package under the B-spoke policy for establishment of steel industries

Raipur: Chhattisgarh cabinet has approved the proposal for determination of special incentive package for investment in steel (sponge iron and steel) industries. The move is to encourage the establishment of mega and ultra mega projects in Chhattisgarh, this decision has been taken under the state’s industrial policy of 2019-24.

Meanwhile, with this decision, 91 institutions for setting up steel based units in Chhattisgarh will get the benefit of special incentive package under B-spoke policy for the units to be set up in accordance to the MoU’s done with the state government in the past. There is a wave of enthusiasm among the investors due to this move of the state government.

According to the proposal approved in cabinet meeting chaired by chief minister Bhupesh Baghel, 91 institutions have already executed MoUs with the State Government for setting up steel based units. With the establishment of these units, investment of about Rs 49,115 crore and direct employment of about 57,566 people is expected in the state. According to an estimate, the state is likely to get an additional revenue of about Rs. 50,000 crore in the next 10 years from the establishment of these units. Earlier, a special incentive package was fixed for 10 units which had an investment of Rs 4274 crore and employment is likely to be created for 5515 people.