Financial Daily from THE HINDU group of publications
Saturday, Aug 27, 2005
Industry & Economy
Foods & Food Processing
Proposed food-processing park Goa offers tax sops for units
Panaji , Aug 26
THE Goa Industries Minister, Mr Luizinho Faleiro, on Thursday announced major incentives for setting up units in the proposed food-processing park at Quepem in South Goa.
Replying to a debate on budgetary demands for grants of the Industries Department in the Assembly, he said entrepreneurs would get income-tax holiday for the first five years and in the subsequent five years, only 25 per cent would be taxed.
In addition, the Central Government will provide 25 per cent capital subsidy up to Rs 50 lakh per unit.
The State would also give benefits under VAT, he promised.
Mr Faleiro said the Union Government was fully backing the project and he would ensure setting up of state-of-the-art infrastructure in warehousing, refrigeration, quality control, pollution control and storage.
Besides the food-processing park, he said, garment, pharma and bio-tech parks were also proposed.
For the garment park, the State Government is seeking assistance from the National Institute of Fashion Technology.
Underscoring the need for solving the unemployment problem of educated youth through industrialisation, the Minister said industry in Goa must give at least 80 per cent of the jobs to locals or should be ready to forgo permanent registration, state incentives and subsidies.
He underlined the need for industrial growth to translate into employment growth.
If industries did not get requisite manpower, the Government would provide them the required staff, he stated adding that the Government planned to train manpower.
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