Govt formulates president’s industrial dev award guidelines 

Staff Correspondent | Published: 22:30, Mar 03,2021


The government has formulated the President’s Industrial Development Award Guidelines 2020 after seven years of introducing the award.

The industries ministry in a gazette notification issued on February 22 said that the government introduced the award in 2013 to encourage industrialisation and investment in the country and the guidelines have been framed to establish an institutional base for the initiative.

According to the guidelines, a total of 18 industrial units under six categories — large, medium, small, micro, cottage and hi-tech industries — would be nominated for the award every year.

Industrial units which are in production for three consecutive years and paying taxes on a regular basis would be eligible to apply for the award, it said.

As per the guidelines, if the chairperson or chief executive officer of any industrial unit is convicted for a criminal offence and if his/her jail-term is not completed before two years of the year under consideration for the award, the unit will not be eligible for the award.

Bank loans, taxes and utility bills defaulters, industries established on grabbed agricultural land and restricted forest will also not be eligible for the award, it said.

The guidelines have set a 150-point evaluation system and 18 industrial units which will score the highest among units under their respective categories would get the award.

The points have been allocated on annual turnover (15), regular payment of value-added tax (10), payment of taxes (5), payment of income tax (15), investment for last three years (10), use of local raw materials (10), employment (5), export earnings (10), production of import substitutes (10), audit report (5), skills trainings for workers (5), workers’ welfare (5), approved wage structure (5), corporate social responsibility (5), life insurance for workers (5), environment-friendly initiative (10), innovation (5), quality control (5), quality control certificate (5) and research and development (5). The ministry said that the guidelines were framed to encourage industrialisation, investment and employment generation in the country.

Encouraging product diversification and expansion of small, medium and cottage industries are also the focus, it said.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email