Govt. declares capital subsidy
The State authorities on Thursday introduced incentives for corporations keen to manufacture medical oxygen within the State.
The authorities introduced that corporations that put money into Tamil Nadu to provide oxygen concentrators, oxygen cylinders and medical oxygen will get 30% capital subsidy over a two-year interval. The corporations that want to avail themselves of this subsidy should start manufacturing earlier than August 15.
Investments made between January 1 and August 31 can even be taken under consideration.
For investments made between January 1 and November 30 for organising vegetation with a minimal capability of 10 metric tonnes of liquid oxygen, 30% capital subsidy will probably be given over 5 years. The corporations involved should begin manufacturing by November 30. For these corporations, the Tamil Nadu Industrial Investment Corporation Limited will instantly present loans at 6% curiosity with subsidy.
Provision of land
The State Industries Promotion Corporation of Tamil Nadu and the Small Industries Development Corporation will present land to such corporations on a precedence foundation. The corporations can even be offered single-window clearances by way of the Tamil Nadu Guidance Bureau with none payment.
The Tamil Nadu Industrial Development Corporation will encourage corporations to manufacture COVID-19-related medical gear, oxygen concentrators and vaccines, amongst others, by way of joint ventures, the federal government mentioned.