MP state woos pharma investors

EPP News Bureau - Mumbai

Madhya Pradesh does not want to be left behind in the race of wooing pharma industries to its territory. The state is keen on promoting the state’s resources and is opening its doors to investors from other states, especially Mumbai. This intent was announced by Babulal Gaur, the chief minister of Madhya Pradesh (MP) at an interactive session held recently in Mumbai, on the ‘Opportunities and potential of investing in Madhya Pradesh.’

‘‘We welcome investors to leverage the abundant natural resources that Madhya Pradesh offers,’’ said Gaur, adding that they were making the environment conducive for business investment by offering significant tax incentives and other subsidies to industries setting up base in Madhya Pradesh.

One such measure is their Industrial Promotion Policy 2004, where they have formulated sector-specific policies and incentives like exemption from stamp duty, registration charges, entry tax etc.

To generate employment and rapid industrial development, they have also adopted the policy for developing Special Economic Zones, earmarked as duty-free enclaves, in the state.

The investment opportunities, according to Gaur, is available across all sectors - IT, pharma, textiles and food processing. Some pharmaceutical industries, namely - IPCA, Ranbaxy and Lupin have already set base in the state.