The Prime Minister of India has described Micro, Small and Medium Enterprises (MSMEs) as a huge pillar in the growth and development of the country. The share of MSME manufacturing output during the year 2021-22 was 36.2%. They have contributed significantly to making India the Fifth-largest economy in the world. MSMEs have emerged as a highly vibrant and dynamic sector of the Indian economy over the last few decades.
Recognizing the pivotal role played by MSMEs, various central and state-level governments roll out subsidy schemes incentivizing industries to expand their capacities. In this blog, we will delve into Haryana government subsidy schemes for industries.
Empowering Industries: Guide to Haryana Government Subsidy Schemes
The Emergence of MSMEs has improved the country's productivity and reduced the unemployment rate due to its labor-intensive nature. As per the Udyam Registration Portal, the total number of persons employed in MSMEs from July 2020 to August 2023 in India was approximately 12 crores. To further boost the sector, the Haryana government has developed its flagship subsidy scheme - Haryana Enterprises and Employment Policy (HEEP) 2020, offering various financial incentives to small businesses.
Haryana Government subsidy schemes are great financial support for industries set up in the state as they help in reducing the cost of plant and machinery, land, testing equipment, or costs incurred in incorporating quality standards, meeting green compliances, and conducting energy or water audits. Haryana is divided into four blocks as per their development level. There are no beneficial subsidies for A block, which includes Ambala, Gurugram, Sonepat, and Panipat. Many subsidies are available for B block, including Pataudi, Sohna, Hissar, and Jhajjar. The government provides heavy subsidies for C and D blocks for better development of areas like Bhiwani, Badli, Jind, Sirsa, Loharu, Mewat, and Karnal.
Navigating Subsidy Landscape
Haryana government provides investment subsidy in the form of Net SGST reimbursement of 50% and interest subsidy of 5% for Micro and Small Enterprises on term loans with a maximum of up to INR 20.00 lakh per year for three years in 'B' Categories Blocks. To generate employment in Haryana, the government offers INR 48,000/- per year for 10 years in the 'B', 'C' & 'D' category blocks. If you plan to invest in land, you can avail stamp duty exemption of up to 100%.
To promote thrust sectors in the state like Food processing, Textile, and Pharmaceutical, the Haryana government provides more subsidy benefits and also has separate schemes for industries. To foster growth and innovation, the Haryana government provides a Capital subsidy of 35% up to a maximum of 3.5 crore under the Textile Policy for MSMEs. It has separate policies for Logistics and Warehouse, Food Processing, EV, IT, and ESDM businesses.
Suppose you plan to invest 50 crore in plant and machinery in Pataudi but didn't know about the subsidy benefit available under the HEEP Policy of Haryana. If you had been aware of the subsidy available for investing in B block of Haryana, you would have secured Net SGST reimbursement of 50% for the first 5 years and 25% for the next 3 years with a cap of 100% of fixed capital investment. Subsidies help to make projects financially viable; if you install testing equipment in your organization, then you can get financial support of 50% as a subsidy maximum of up to INR 20 lakhs per year.
One can also avail the benefit of Central government subsidy schemes available to small scale industries. The scheme of 2nd loan for upgradation of the existing PMEGP/MUDRA units aims at providing existing units with upgradation assistance regarding expansion. One can get a maximum subsidy allowance of 15% of the total project cost, i.e., 15 lakhs. Scheme of Fund for Regeneration of Traditional Industries (SFURTI) provides financial support up to INR 5 cr, for more than 500 artisans. ASPIRE aims to set up a network of incubation and technology centers to promote innovation and entrepreneurship to strengthen the competitiveness of the MSME sector. Other schemes include the Procurement and Marketing Support Scheme, the Pradhan Mantri Employment Generation Programme, and the Entrepreneurship and Skill Development Programme.
Unlock Incentives with SubsidyPro
If you want to avail the financial bonus from the government, get help from expert subsidy consultants – SubsidyPro. With in-depth knowledge and expertise, SubsidyPro helps entrepreneurs benefit from government subsidy schemes for industries. We keep track of the updates in industrial policies, thrust sector guidelines, and the latest schemes so that our clients can maximize their subsidy benefits. The synergy between government incentives and subsidy consultants propels the companies towards growth and prosperity.
Small businesses often don't know the intricacies of the application process for subsidies, resulting in the rejection of their application due to misfiling, inaccurate information, or missing documents. SubsidyPro acts as your financial advisor, guiding you throughout the process, from making you aware of various subsidy schemes available and the required clearances. If you are planning to expand your business, we will assist you in deciding the most appropriate location for getting the maximum benefit of subsidies from the government.
SubsidyPro navigates through the maze of state and central government subsidy schemes for small-scale industries and makes you aware of eligibility criteria to suggest the best subsidy scheme for your business. We ensure that companies avail the financial benefits timely and completely, meeting all compliances required by the government. Choosing SubsidyPro as your partner can enhance your savings by getting customized solutions and a streamlined process for applying for subsidies. SubsidyPro provides a one-stop solution for all your concerns regarding subsidies starting from registration to disbursement.
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