Our client is a medium-sized textile manufacturing company based in Noida, Uttar Pradesh, India. The company specializes in producing high-quality fabrics and garments, catering to the international markets. With the goal of expanding its exports and contributing to India's textile export sector, our client set up a new factory and explored the available government subsidies to reduce its capital and operational expenditure.
How SubsidyPro Assisted in Availing the Right Government Subsidy?
1. Research and Eligibility Assessment:
SubsidyPro conducted extensive research to identify the Uttar Pradesh Government subsidies available for promoting fresh capital investment and industrial development within the state.
We identified that under the Uttar Pradesh Industrial Investment & Employment Promotion Policy 2022 (UP - IIEPP) – Garment and Textile were covered under the Thrust Sectors of the State.
2. Identifying the subsidies available to our client
SubsidyPro basis detailed identified that the following subsidies would apply to our client:
Ø Land Cost Subsidy
Ø Stamp Duty Exemption
Ø Capital Subsidy on Plant & Machinery
Ø Subsidy for Infrastructure
Ø Interest Subsidy on Plant and Machinery
Ø Incentives relating to Energy
Ø Freight Reimbursement
3. Application Process:
After identifying the suitable subsidies, SubsidyPro and the company carefully reviewed the eligibility criteria and application process outlined by the UP - IIEPP. We gathered all the necessary documents, such as business registration details, financial statements, and project proposals.
4. Submission of Application for Registration:
We assisted our client in submitting a comprehensive application for registration to the District Industries Centre (DIC) and also made sure to address all the required components of the application to ensure faster closure of the registration process.
5. Review and Sanction:
The DIC reviewed the application and assessed its alignment with their subsidy objectives. They evaluated the potential impact on the local infrastructure, employment generation, industrial growth and overall economic environment development and after a thorough review, issued a letter of comfort/sanction letter towards the subsidies claimed by our clients.
After the sanction, the client commenced the business operations, & we guided them to file for subsidy disbursal in the form of direct cash subsidies and exemptions, wherever applicable. These subsidies covered a significant portion of the upfront costs of their new factory, making their product more competitive.
With an aim to ease the process of availing the government incentive for our client, we handheld them throughout the process and made sure they leveraged the government benefits to flourish their growth for the new factory.