An allocation of Rs 10,000 per month for one year is planned for R&D training, which should be increased to Rs 40,000 shortly. (Photo: X@ANI)
A Rajasthan-based trade and industry body has urged the state government to expand the scope of incentives under the Rajasthan Investment Promotion Scheme 2022 (RIPS).
He said that once a new plan is implemented, there should be no changes to it for at least a decade.
RIPS is being introduced continuously. It was first announced in 2019, then introduced in 2022 and now a plan is being drawn up for 2024.
“We request that once the scheme is implemented this time, it should remain in place for at least a decade. Making changes every two years is not good from a practical point of view,” said Kailash Sharma, senior vice-president of the All Rajasthan Trade and Industry Association (ARTIA).
Sharma said that to boost investment in the state, incentive for setting up research and development centres and work on creating agricultural and dairy clusters should be included in the thrust area.
He noted that the incentive for asset creation under RIPS-2022 for those who create research and development centers and global capacity is 50 percent of the project cost. Only organizations are eligible for this incentive, and those who do so privately are only entitled to 30 percent of this incentive.
If any eligible person has a PhD from IIT or equivalent institute and has more than three years of global research experience, then he/she should also receive 50 per cent incentive.
Sharma said the ceiling is currently set at Rs 5 crore, which should be raised to Rs 20 crore in a few years.
There is a provision of Rs 10,000 per month for one year for research and development training, which should be increased to Rs 40,000 soon.
Sharma added that the incentive for land cost is currently only Rs 50 lakh. The cost of land has been increasing rapidly in the last three years. Therefore, this incentive should also be increased to Rs 2.5 crore, he said.
First published: August 29, 2024 | 00:20 IS
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