Programme To Accelerate Development For MSME Advancement (PADMA)
Dear-Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you an informative series i.e., “Capital Subsidy Scheme” under Programme to Accelerate Development for MSME Advancement (PADMA) notification dated 29th November 2022 and re-notified in Gazette vide No. 12/2/2022-1IB-II dated 17th August 2023.
Objective:
The main objective of the scheme is to attract investments and generate employment in the PADMA Cluster set up by Public and Private Implementing Agencies (IAs). Through this scheme, the Government will provide financial assistance for creating best-in-class manufacturing infrastructure, up gradation of technology, promotion of identified products, and increase in exports thereby resulting in the overall development of the MSME sector in the state.
Quantum of Assistance:
The scheme is also applicable to the units outside the PADMA cluster. The quantum of assistance shall be half of the above-mentioned assistance for new units setting up in that particular block around the identified product as mentioned in the PADMA policy. The quantum is assistance is as under:
- @30% on eligible capital investment and a maximum of Rs.15 lakh for Women/SC/SHG-owned micro and small units. The Self-Help Group (SHG) shall consist of a minimum of 10 women members.
- @ 25% on eligible capital investment and a maximum of up to Rs.12.50 lakh for other micro and small units.
Eligible Entities:
Under this scheme incentives can avail by an entity/organisation such as Proprietary, Partnership, Pvt. Ltd. Company, Public Ltd., LLP (Limited Liability Partnership) and Co-operative society etc.
Eligibility:
The Industrial Manufacturing Units which comply with the following conditions will be eligible for availing benefits under this scheme:
- The unit should have filed a Udyam Registration Certificate (URC) and a Haryana Udhyam Memorandum (HUM).
- The unit should be in commercial production.
- The unit should be in regular production at the time of disbursement and the subsidy shall not be released to closed unit.
- The unit shall remain in regular production for 05 years from the date of commercial production.
- The unit should be engaged in manufacturing/processing of the approved product category of that cluster.
- The unit shall have to use the PADMA logo on the product manufactured. VII. The land for the project shall be arranged by the promoter either by purchase or on a registered lease deed of at least 10 years.
- The unit availing incentive under this scheme will not be eligible to obtain incentives under any capital subsidy/similar scheme of other policies of the State Government.
- The CLU/NOC/Industrial License as applicable obtained by IA for the said PADMA cluster, will be applicable.
Commencement and Applicability:
The scheme shall commence with effect from the date of re-notification of the PADMA policy i.e., 17.08.2023, and shall remain in operation for 5 years up-to 16.08.2028 or till the validity of the PADMA policy.
For, more information on this you are requested to contact our KIP subsidy helpline on Mail – sales@kipfinancial.com and contact Number- +918683898080
KIP Financial Consultancy Pvt. Ltd.
DSB – 38, Red Square Market, Hisar – 125001 (HR)
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