Jaipur, June 28: Rajasthan government today announced new investment policy with Rs 100 crore budgetary allocation each year for infrastructure development. The policy, finalised at a meeting here presided by Chief Minister Ashok Gehlot yesterday, also provides for employment subsidy of 25 per cent of expenditure on regular workforce by investors for seven years, an official release said.
The subsidy would be raised to 30 per cent in case an investor does not take interest, it said, adding allocation for development has been assured for next four years.
For developing infrastructure, export promotion industrial parks have been set up in Jaipur, Jodhpur and Alwar. Special economic zones are also being set up in Jaipur, Jodhpur and Bikaner for gem and jewellery, handicrafts and woolen carpets respectively, the release said.
As per the new policy, investors would get cent per cent exemption on luxury tax, 50 per cent exemption on stamp duty and conversion charges and 50 per cent exemption on electricity tax, mandi tax and entertainment tax for seven years, it said.
An investor would be compensated for delayed disbursement of employment subsidy. Interest at the rate of five per cent would be paid to investor if the employment subsidy is not disbursed within a month, it added.
The new policy is the fourth one with previous policies announced in 1990, 1994 and 1998. The first two policies dealt with subsidy on capital investment while the 1998 policy provided two per cent subsidy on interest. Bureau Report