Special incentive announced for pharma firms

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Special incentive announced for pharma firms

Wednesday, 21 July 2021 | Staff Reporter | RAIPUR

The Chhattisgarh cabinet on Tuesday approved a special incentive package for investment in the pharmaceutical industry under the Industrial Policy 2019-24.

The package will be extended to industries having executed MoUs with the Chhattisgarh government before the date of package announcement.

This was decided at a cabinet meeting chaired by Chief Minister Bhupesh Baghel here, an official communication said.

The maximum valid investment limit announced for economic investment promotion will be up to Rs 20 crores.

It will be extended to such units which commence production by making new fixed capital investment of more than Rs 15 crores on or before October 31, 2024. Pharmaceutical industries will be provided facilities like exemption from electricity and stamp duty, interest subvention, project reporting, quality certification and grant in technical patent.

If the drug of desired quality is ready to be supplied at L-1 rate, then 50 percent of the medicines will be directly purchased from these industries. Approval was given to establish a Chhattisgarh Market (C-MART) to facilitate buying materials produced by the government, semi-government organisations, guathans, self-help groups, agricultural producers, workers, craftsmen and weavers.

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