Haryana approves new Pharmaceutical Policy to generate 25,000 new jobs

Chandigarh (Haryana) [India], Feb 4: Aiming to attract investment in the pharmaceutical sector to the tune of Rs 2,000 crore and to generate 25,000 new jobs, the Haryana Cabinet which met here on Monday under the chairmanship of Chief Minister Manohar Lal approved the Haryana Pharmaceutical Policy 2019.
The policy envisages to establish a state-of-the-art Pharma Park at Karnal and to develop Haryana into a hub for pharmaceutical manufacturing by facilitating and creating a holistic industry, academia, and research and development (R&D) ecosystem.
The objective of the policy is to implement an enabling regulatory environment for the pharmaceutical sector, with investor friendly and time-bound clearance delivery system, focus on holistic pharmaceutical cluster development, provide fiscal and non-fiscal benefits to units setting up in the Pharma Park, in a dedicated and streamlined manner, develop quality industrial infrastructure to support entrepreneurs in the State, provide land at subsidised rates to entrepreneurs for establishing Pharma units and effectively utilise the Single Window clearance mechanism, providing clearances in a time-bound manner.
According to an official statement, fiscal incentives for new units will be applicable as per investment category, as mentioned in the Haryana Enterprises Promotion Policy 2015. In addition to incentives offered under the Haryana Enterprises Promotion Policy 2015, all new units in the Pharma Parks in the State will be eligible for a special package of incentives.
These included reimbursement of 25 per cent of cost of plant and machinery subject to a maximum of Rs 50 lakh and interest subsidy to the extent of 5 per cent per annum for five years in the form of reimbursement of interest paid on loan taken to meet the working capital requirements, subject to annual ceiling of Rs 25 lakh per annum per unit.
In order to simplify the regulatory processes for new investors in the pharma industry in Haryana, the state government will integrate all pharma sector related clearances with the Single Window portal of the State that is HEPC (Invest Haryana- www.investharyana.in), to provide clearances in a time-bound, completely online, and streamlined manner.
The state government will grant approval to all rational drugs which have been approved by neighbouring state licensing authorities and declared rational by the expert committees constituted by Government of India and which are not banned or prohibited by Government of India under Section 26-A of Drugs Act. (ANI)