Policy to award industrial innovation, diversification
The government has framed a policy to encourage industrialisation, creative efforts and manufacturing of goods that would diversify and act as substitutes to the current range of imports.
It will also encourage manufacture of technology-based products to cater to domestic and international demand.
Under the President's Industrial Development Award Policy 2020, issued through an industries ministry gazette, the government will present 18 awards to entrepreneurs under six categories - large, medium, small, cottage, micro and hi-tech.
The policy comes seven years past a directive under which a President's Industrial Development Award was being presented.
The industries ministry will invite applications through circulars on its website, newspapers and notice boards in offices of the 64 deputy commissioners from January to February every year.
The applications will be sorted based on a 150-point evaluation system under 20 criteria.
Points can be won based on annual turnover, production of import substitutes, use of locally available raw materials, employment generation, environment protection and roles showcasing whether one is socially responsible.
Other factors include regular tax, VAT and duty deposits; labour training, welfare measures, worker safety and efficient organisational management; new innovation, quality control and research and development.
A four-member committee headed by a joint secretary to the industries ministry will prepare a shortlist of prospective awardees.
Later, a 22-member evaluation committee comprising representatives of different ministries and organisations and headed by an additional secretary to the industries ministry will make the final selection.
The policy considers ineligible loan, bill and tax defaulters; those who established factories grabbing agricultural land, public property, rivers and water reservoirs and forests; and makers of tobacco products and those hazardous for health.
Criminal case convicts will have to wait two years past serving sentences to be considered for the award.
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