Madhya Pradesh Chief Minister Mohan Yadav
| Photo Credit: PTI
The Madhya Pradesh cabinet on Tuesday (February 11, 2025) approved multiple policies related to various industrial sectors, including pharmaceuticals, textile, defence manufacturing and EV manufacturing, with an aim to double the contribution of industries in State’s budget in the next five years.
The move comes just weeks before the Madhya Pradesh government is set to host its ambitious Global Investor Summit (GIS) in capital Bhopal to attract investments into the State. The summit is scheduled on February 24 and 25, with Prime Minister Narendra Modi set to inaugurate it.
As per an official statement, the 10 sector-specific policies are part of the larger Industrial Promotion Policy, 2025, approved at the Cabinet meeting chaired by Chief Minister Mohan Yadav. They include Agriculture, Dairy and Food Processing Policy; Textile Policy; Apparel, Footwear, Toys and Accessories Policy; Aerospace and Defence Production Promotion Policy; Pharmaceuticals Policy; Biotechnology Policy; Medical Devices Policy; EV Manufacturing Policy; Renewable Energy Equipment Manufacturing Policy; and High Value-Add Manufacturing Policy.
“Objectives of the Industrial Promotion Policy, 2025, is to boost industrial development in Madhya Pradesh, increasing the contribution of industries in the State’s GDP from ₹2.9 lakh crore to approximately ₹6 lakh crore by 2030, and develop world-class industrial infrastructure to offer a comprehensive ecosystem for investors,” the statement read, adding that the move is also aimed at creating about 20 lakh employments in the State.
Mr. Yadav is also scheduled to travel to New Delhi for a curtain-raiser of the summit on Wednesday and to invite businesspersons. The Chief Minister is also scheduled to hold a meeting with foreign industrial and business groups, and commercial embassies from various countries who are expected to participate in the summit.
In the policies, the State government made multiple promises such as concessions on various types of fees, capital grants, subsidies as well as customised packages on large investments, to woo multi-sectoral business into the State.
“In Aerospace and Defence Production Promotion Policy, 25% concession on development fees, Quality certification reimbursement 50% or ₹10 lakh, whichever is lower will be provided. Mega units investing over ₹500 crore will qualify for customised packages. Renewable Energy Equipment Manufacturing Policy includes 50% concession on development fees, 50% reimbursement for quality certification costs or ₹1 lakh, whichever is lower, and mega units investing over ₹250 crore will qualify for customized packages,” the government said.
Apart from the 10 sector specific policies, the Cabinet also gave its nod to various other policies, including Film Tourism Policy 2025, Export Promotion Policy 2025, and City Gas Distribution Policy 2025.
With the State already becoming a favourite dentition among filmmakers, the Government has promised financial incentives for shooting films in the State, subsidies on shooting permits, accommodation, and transportation costs.
“Additionally, film studios and post-production facilities will receive financial assistance for infrastructure development,” the government said.
Published – February 11, 2025 11:04 pm IST