The government of the eastern Indian state of Odisha has launched a special incentive scheme for the development of the stainless steel industry in the region, a government official said on Monday, September 18.
He said that, to promote the setting up of stainless steel production units and downstream units for fabrication and value addition of stainless steel, the government will offer a capital subsidy of 20 percent for a period of five years without any cap on the total capital investment.
Furthermore, the government will offer electricity to units at INR 2/unit and units will be fully exempted from payment of the additional electricity duty, he said.
To promote workers’ welfare and reduce the cost of labor, the government will reimburse 100 percent of mandatory workers’ benefit schemes like provident funds and employees’ health insurance, thereby lowering the total wage bill of stainless steel units set up under the scheme.