Bhubaneswar: The Odisha government on Tuesday approves renewable energy policy and apparel policy to bring investment in the two sectors.
Ahead of the Make in Odisha conclave scheduled to begin from November 30, the state cabinet headed by Chief Minister Naveen Patnaik approved eight policies along with the two policies.
The renewable energy policy envisages to achieve around 2750 MW renewable energy from the non-conventional sources in the state by the year 2022. The policy will remain in force till March 31, 2022.
The government will provide a corpus of Rs 250 crore with Rs 50 crore per year over a period of five years for the creation of a revolving fund namely Odisha Renewable Energy Development Fund.
This fund will be utilized for development of infrastructure required for the accelerated development of renewable energy.
In order to attract investment to the apparel sector, the cabinet approved Odisha apparel policy 2016 targeting to create 1.5 lakh jobs in next five years.
For apparel units where employment is minimum 200 workers, the unit will receive incentives of Rs 1000 per worker per month on actual employment by the unit, on financial year basis. This facility will be available for a period of 36 months.
However, the incentives would be provided subjected to 90% workers from Odisha are engaged in the unit.
A capital grant of 20% of project cost of the apparel park excluding the cost of land, limited to maximum Rs 20 crore, would be provided towards the development of common infrastructure, common facilities, and factory buildings if owned by special purpose vehicle.
Interest-free loan up to 10% subject to maximum limit of Rs 10 crore of the project cost would be provided under the policy.