"Maharashtra to give financial incentives for new oxygen-making units"

22nd May,2021

"Maharashtra to give financial incentives for new oxygen-making units"

According to a senior official, the Maharashtra government has authorised a special financial incentive package for firms that are establishing new oxygen manufacturing plants.The state legislature opted to pass a package.According to Maharashtra's Additional Chief Secretary (Industries) Dr Harshdeep Kamble, there is an acute shortage of medical oxygen for the treatment of coronavirus patients.According to a top IAS official, the package is being delivered as part of the "Maharashtra Mission Oxygen Swawlamban" initiative to promote oxygen production in the state. According to him, Maharashtra is experiencing a severe oxygen shortage as a result of the rising number of coronavirus patients."With a goal of producing 3000 MT of oxygen per day, the state government has decided to provide specific financial incentives to industrial units producing liquid medical oxygen and also for the manufacturing of medical oxygen," says the state government .Units established in the Vidarbha, Marathwada, Dhule, Nandurbar, Ratnagiri, and Sindhudurg areas will be eligible for incentives of up to 150 percent of their qualified fixed capital investments, while units established in the rest of Maharashtra will be eligible for general incentives of up to 100 percent, he said.
The government would also provide a five-year refund on gross SGST, stamp duty, electricity duty, and unit subsidy of power cost, as well as an interest subsidy for MSME units with a fixed capital investment of up to Rs 50 crore .The state cabinet, led by Chief Minister Uddhav Thackeray, authorised the special scheme, which eliminates investment and employment conditions and focuses solely on the capability to produce oxygen "he stated

"Many units will be drawn to Maharashtra with up to 150 percent incentives combined with capital subsidies, which are higher in backward regions of Marathwada and Vidarbha, as well as a Rs 2 per unit power pricing subsidy and other benefits. Only those who apply before June 30 will be considered.With the prospect of a third wave of the pandemic, Kamble, who is also the state government's nodal officer for "Mission Oxygen Swawlamban," said oxygen demand is projected to reach 2300 MT. Our current manufacturing capacity is 1300 MT, but the demand is 1800 MT," he explained.

Maharashtra's healthcare system would be enhanced as a result of this programme by boosting manufacture and storage in order to become an oxygen-self-sufficient state, and Maharashtra would also be able to provide oxygen.