The Package Scheme of Incentives (PSI) 2019 by the Government of Maharashtra is a crucial initiative which is aimed at fostering in real industrial development  and this directly driving investments across the state. This policy is specifically designed to encourage and foster the establishment of new industrial units, expansions, growth and diversification projects, especially which are in economically backward and underdeveloped regions. The scheme provides us various incentives like financial subsidies, support and operational support to enhance the growth of manufacturing units.

Key Features of PSI 2019:

1. Objective:
– Attract investments in the industrial sector by providing lucrative financial incentives.
– Create ample job opportunities, grow and promote industrial activities in underdeveloped regions of Maharashtra.

2. Eligibility:
– Open to new industrial units, those expanding operations, or diversifying into new product lines.
– Primarily focuses on Micro, Small, and Medium Enterprises (MSMEs) but is accessible to larger enterprises under certain conditions.

3. Incentives Offered:
Capital Investment Subsidy:
– 25% subsidy on investments in fixed assets for small-scale units (up to ₹25 lakhs) and 15% for medium and large units.
Interest Subsidy:
– 5% subsidy on the interest for term loans obtained from financial institutions.
Power Tariff Subsidy:
– Discounts on power tariffs for new units set up in less developed regions.
SGST Refund:
– Refund on the State Goods and Services Tax (SGST) paid over a defined period.
– Employment Generation Incentives:
– Additional benefits for generating local employment.
– Special Benefits for Women and SC/ST Entrepreneurs:
– Enhanced subsidies and support for businesses led by women and enterprises owned by SC/ST entrepreneurs.

4. Geographical Focus:
– Targets industries established in backward districts like Marathwada, Vidarbha, and North Maharashtra.
– Aims to spur regional economic growth and balanced industrial development.

5. Duration:
– The benefits provided under PSI 2019 range from 5 to 10 years, depending on the industry type and location.

6. Application Process:
– Enterprises must submit their applications to the **Maharashtra Industrial Development Corporation (MIDC)** or other designated bodies with necessary documents.
– Upon approval, businesses can begin claiming the subsidies and benefits offered.

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.Latest Updates (as of 2024):

– The Maharashtra Government has actively promoted PSI 2019 through various campaigns to attract investment, especially post-pandemic, as part of its broader Make in Maharashtra initiative.
– The scheme has been revised to include new technology-oriented incentives, promoting industries involved in automation and digital manufacturing.
– Special provisions have been added for green technologies and sustainable practices to align with environmental goals.
– Increased focus on promoting startups in the industrial sector, providing them with additional benefits under PSI 2019.

The Package Scheme of Incentives (PSI) 2019 is a vital tool for enhancing industrial development in Maharashtra, offering attractive subsidies and support for new and existing industries. By targeting investments in less developed regions and promoting MSMEs, the scheme aims to create jobs, boost local economies, and foster sustainable industrial growth in the state.

How Growbiz Services Can Help
Navigating through the complexities of the PSI 2019 scheme can be challenging. With Growbiz’s consulting expertise, we ensure a smooth application process, handling documentation, follow-ups, and securing maximum benefits for your business. Our team is committed to helping you access these valuable subsidies and drive your growth effortlessly.

Reach out today for a consultation and let us help you unlock these incentives!

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