Bhubaneswar, July 19: Odisha cabinet on Tuesday approved a new IT policy to transform the state into a leading destination of investment for Information Technology in the country.
Official sources here said the vision of this policy is to position the state prominently on the global map as a preferred IT outsourcing destination propelling employment opportunities and inclusive growth.
Aiming to attract investment in the IT sector in the state, the cabinet of #Odisha government approved new IT policy.
The state cabinet headed by CM @Naveen_Odisha has approved 17 proposals including the new Odisha IT Policy 2022 during its meeting held in the morning. pic.twitter.com/iKeeX0DRZu
— IANS (@ians_india) July 19, 2022
Odisha, the Sunrise State in Eastern India is on the cusp of an information & communication technology revolution. The Government of Odisha has been at the forefront of the adoption of emerging technologies in IT to drive and transform governance in the state to positively impact the lives of its citizens.
The Odisha IT Policy 2022 will provide specific incentives for IT parks in which 25 per cent of fixed capital investment will be provided as a capital subsidy limited to Rs 20 Crore.
15 per cent of the cost of developing a solar power plant subject to a maximum of Rs 25 lakh will be reimbursed.
Greenfield IT Parks shall be eligible for 100 per cent reimbursement of stamp Duty/ Registration Fee/ Conversion Fee under capital investment subsidy 30 per cent of fixed capital investment in buildings and infrastructure, excluding the cost of land subject to a maximum of Rs 3 crore shall be accorded to eligible IT units.
Eligible IT units will be entitled to get an interest subsidy at 5 per cent per annum on term loans availed from recognized financial institutions and banks, subject to a maximum of Rs 10 crore per year for 5 years from the date of commencement of commercial operation.
The new IT policy will provide an exemption of electricity duty and Electrical Inspection Fee for 5 years. There will be reimbursement of electricity tariff at 30 per cent for 3 years capped at Rs 35 lakh per unit.
IT units with up to 40 employees will get subsidies on the rental of Incubation space for a maximum of 3 years based on their Incubation space. Reimbursement up to Rs 1400 per seat per month for Co-working space in designated IT Parks & Incubation Centers approved by Government and Rs. 1000 per seat per month in notified private IT Park/IT Spaces.
Eligible IT units hiring buildings on rent for operating their centres will be entitled to a subsidy of 75 per cent of the actual rent paid or Rs 20 per sq. ft. per month whichever is lower.
As per the new policy, an additional 25 per cent lease rental limited to 5 lakhs per annum will be provided to women, SC, and Disabled Entrepreneurs. 100 per cent exemption of stamp duty on first transaction and 50 per cent exemption on the second transaction on lease/sale agreement of land or built-up space allotted by Government.
The eligible units will be entitled to get 100 per cent reimbursement of the conversion fee and registration fee for 1st transaction. Reimbursement of 100 percent state component of GST (SGST) for 5 years in Bhubaneswar Development Authority (BDA) Area and 7 years in non -BDA Area subject to 100 per cent of their Fixed Capital Investment (FCI).
Recruitment Assistance shall be provided at Rs 10,000 per newly recruited employee at the executive level who are domiciles of Odisha with a maximum limit of Rs 10 Lakhs per unit for 3 years.
Additional Rs 1000 per employing women, SC/ST and Physically Disabled employees.
100 per cent reimbursement of the expenditure incurred towards contribution for ESI and EPF of employees of IT units who are domiciles of Odisha up to Rs 5 crore per annum for 03(three)years.
For investment in non-BDA areas, reimbursement would be up to Rs 7 Crore. Reimbursement at 50 per cent of Internet bandwidth charges per annum subject to a maximum of Rs 5 lakhs per annum for 2 years. An Assistance of Rs 20 lakhs would be provided for setting up and maintaining of Biju Innovation Lab for 5 years.
To promote CoE in engineering colleges and educational institutes in Odisha, various incentives will be provided in the form of marketing assistance, Quality Certification assistance, Patent Registration assistance, Bandwidth Connectivity assistance, Interest Subsidy and investment Subsidy.
Companies/Units investing in the area of Artificial Intelligence(AI), Cyber Security, Extended Reality(XR), Automation, Blockchain, Big Data, Cloud Computing, Internet Of Things (loT), Machine Learn in g(ML), Cleantech, Edu -tech, Agri-Tech, Health-tech and other emerging technologies shall be eligible for additional incentive.
The Odisha IT Policy 2022 shall be in operation for 5 years from the date of its Gazette Notification or till it is substituted by another Policy, official sources said.
With UNI Inputs…
