sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« VAT (Value Added Tax) »
 Filing of online return for 4th quarter of 2017-18 extension of period thereof.
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part

Maharashtra targets Rs.5 trillion in investment
October, 17th 2011

Maharashtra is drafting a new industrial policy to draw Rs.5 trillion as investment in next five years and create two million jobs. The focus of the proposed policy is post-investment care and doing away with delays in clearance for new industrial units.

A five-year policy ended in March, but no new policy has been announced due to differences within the cabinet on various sops to be given to the industry.

The states economic survey, released in February, pointed out that Gujarat has surged ahead of Maharashtra in attracting industrial investment. Maharashtra attracted Rs.6.95 trillion between June 1991 and March 2010, while Gujarat managed Rs.8.59 trillion.

Chief minister Prithviraj Chavan said the new industrial policy, to be released by October end, will aim at providing post-investment care to the investors and offering online tools for tracking the progress of investment proposals.

We have set up an investment promotion cell within the industry department to help investors, industry secretary K. Shivaji said. Our officials and consultancy firm Ernst and Young (India Pvt. Ltd) will guide investors on getting permissions and clearances from various government departments and local authorities.

They will be able track the progress of their applications to various authorities online, reducing the interface and discretionary power of officials, Shivaji added.

The proposed policy will focus on the development of infrastructure, food processing and textile industries to create jobs. The draft policy, reviewed by Mint, has identified inadequate and costlier power, land acquisition and unavailability of skilled man power as major concerns.

The policy also proposes to continue with incentives such as refund of value added tax, or VAT, exemption from electricity duty and exemption from stamp duty, among others, to woo new investors.

The focus is being shifted from setting up industrial parks in areas where land is available to creating them in areas with better road, rail, air and sea connectivity.

Bajaj Auto Ltds chairman Rahul Bajaj refused to comment for this story as he was part of consultative process initiated by the government to prepare the new industrial policy.

Our future investment in the state will depend on governments policy on VAT, which has been a big setback. We have been waiting for a resolution the matter for seven months, said Pawan Goenka, president automotive and farm equipment sectors, at Mahindra and Manhindra Ltd.

Chandrahas Deshpande, executive director of the Mumbai-based economic policy think tank Maharashtra Economic Development Council, said the aims of the governments proposed industrial policy are laudable, but, to achieve these goals, the policy must make doing business in Maharashtra easier.

To create jobs, the government must promote small and medium enterprises and for that the state should promote industry-specific clusters, Deshpande added.

We are also developing different strategies for attracting foreign investors from different parts of the globe, industry secretary Shivaji said.

In the first half of the current fiscal, Maharashtra cleared investment proposals worth Rs.1.1 trillion. No other state has cleared so many investment proposals... In 60% cases, land has been allotted and in some cases even work on the site has begun, Shivaji said.

His department has started sending electronic newsletters giving a snapshot of the sector every month to all major industry associations in the country and Indian embassies and consulates abroad.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions