New policy to make Chhattisgarh pharma hub of Central India

Raipur | Correspondent: The Chhattisgarh government has announced significant incentives under its new Industrial Development Policy 2024-30 to establish the state as a leading pharmaceutical and biotechnology hub in Central India. According to Industry Secretary Rajat Kumar, the state aims to expedite the implementation of investment proposals, for which the pharmaceutical and biotechnology sectors have been categorized as 'thrust sectors' (priority sectors).

Under this policy, investors can receive incentives up to 100 percent of their fixed capital investment, including reimbursement of net GST for up to 12 years or, alternatively, a substantial capital grant.

According to the policy provisions, projects with investments ranging from ₹50 crore to ₹200 crore will be eligible for grants up to ₹60 crore, while for larger projects exceeding ₹500 crore, the grant amount has been capped at ₹300 crore.

The government will also provide customized packages for mega investments exceeding ₹1,000 crore. In addition, industries will receive a complete exemption from electricity duty for 12 years, waiver of stamp duty, and up to 50 percent relief on new electricity connections.

To realize this vision, a dedicated 'Pharma Park' is being developed over 142 acres in Nava Raipur, where units for pharmaceutical manufacturing, medical devices, and AYUSH products can be established with a common effluent treatment plant and modern infrastructure.

To ensure the availability of talent in the state, there are institutions like IIT, IIM, and AIIMS, along with more than 100 pharmacy colleges. Currently, major groups like Torrent Pharmaceuticals and Shalby Hospitals have committed to investing in the state.