Orissa cabinet approves new policy to boost small industries

In order to boost the employment in the state, the Orissa Cabinet cleared the policy for micro, small and medium enterprises (MSMEs).

The policy broad-bases growth of MSMEs in conjunction with Industrial Policy Resolution (IPR)-2007. The cabinet also insisted for reservation of 20 per cent land in all industrial estates, parks and corridors for MSMEs.

The Cabinet has also cleared the proposal for providing subsidy of 10 per cent for investment

up to Rs 8 lakh and 12 per cent for investment of Rs 12 lakh. And also agreed to restructure the Orissa Small Industries Corporation (OSIC).

OSIC has recorded a growth of 20 per cent during last two years while the turnover of Rs 216 with a profit of Rs 3.08 crore was recorded for the year 2007-08.