Haryana approves new pharma policy to attract investment

The Haryana cabinet on Monday approved the Haryana Pharmaceutical Policy 2019, which aims to attracting Rs 2000 crore investment and to generate 25,000 new jobs, an official said. According to a state government spokesman, the policy envisages to establish a state-of-the-art Pharma Park at Karnal and to develop the state into a hub for pharmaceutical manufacturing by facilitating and creating a holistic industry, academia and R and D ecosystem.

"The objective of the policy is to implement an enabling regulatory environment for 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 subsidized rates to entrepreneurs for establishing pharma units effectively utilizing the single window clearance mechanism and providing clearances in a time-bound manner," the spokesman added. Under the new policy, Haryana will be offering fiscal incentives for new units as per investment category.

All new units setting up in the Pharma Parks in the state will be eligible for a special package of incentives. These include 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 5 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, the spokesman said.