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National Investment and Manufacturing Zones
National Investment and Manufacturing Zones:NIMZs
NIMZ is a new concept which is an integral part of the recently approved National Manufacturing Policy of DIPP. The National Manufacturing Policy is a policy solution for a number of challenges discussed in this document, and is a policy tool to be applied to select zones designated for promoting manufacturing.
• Creation of dedicated zones for manufacturing in the nation to
• Promote investments in manufacturing
• Make the country a hub for both domestic and international markets
• Promoting ease of development of manufacturing Units
The administrative structure of NIMZ will comprise of a Special Purpose Vehicle, a developer, State Government and the Central Government. The Central Government shall, by notification in the Official Gazette, notify an NIMZ. An SPV will be constituted to exercise the powers conferred on, and discharge the functions assigned to it under this Policy to manage the affairs of the NIMZ. Every SPV shall be a legal entity by the name of the NIMZ. This SPV can be a company, including a Section 25 company depending upon the MOU between stakeholders.
The Major Benefits for Units within NIMZ
• Job-loss policy will enable units to pay suitable worker compensation in the eventuality of business losses/closures through insurance and thereby eliminate the charge on the assets.
• The transfer of assets belonging to a firm which has been declared sick will be facilitated by the SPV of the concerned NIMZ.
• Exemption from capital gains tax.
• Skill up gradation programmes for new employees as well as for the existing employees in coordination with NSDC.
• Soft loans from multilateral institutions will be explored for funding infrastructure development.
• The developers of NIMZs will be allowed to raise ECBs for developing the internal infrastructure.
Special Incentives for Green Technologies in NIMZs
• Environmental audit will be mandatory
• Water audit will be mandatory
• Exemption from water cess
• Ten per cent one-time capital subsidy for units practicing zero water discharge
• Rainwater harvesting will be compulsory
• Under renewable energy appropriate incentives under existing schemes will be available
• Incentive to obtain green rating for buildings