Aiming to attract investment in the IT sector in the state, the cabinet of Odisha government on Tuesday approved new IT policy.

The state cabinet headed by Chief Minister Naveen Patnaik has approved 17 proposals including the new Odisha IT Policy 2022 here during its meeting held in the morning.

The vision of this policy is to transform Odisha into a leading destination of investment for information technology in the country and position it prominently on the global map as a preferred IT outsourcing destination propelling employment opportunities and inclusive growth, said an official.

As per the policy, the state government will provide 25 per cent of fixed capital investment as capital subsidy limited to Rs. 20 crore to the eligible IT firms. Another 15 per cent of the cost of developing a solar power plant subject to a maximum of Rs. 25 lakh will be reimbursed by the government.

Greenfield IT parks will be eligible for 100 per cent reimbursement of stamp duty, registration fee and conversion fee.

Similarly, 30 per cent of fixed capital investment in buildings and infrastructure, excluding the cost of land will be provided subject to a maximum of Rs. 3 crore to eligible IT units.

The government has also announced interest subsidies for the IT firms. The eligible IT units will be entitled to get an interest subsidy at 5 per cent per annum on term loans availed from recognized financial institutions and banks, subject to a maximum of Rs. 10 crore per year for a period of 5 years from the date of commencement of commercial operation.

The policy has also provision for exemption of electricity duty and electrical inspection fee for 5 years. There will be reimbursement of electricity tariff at 30 per cent for 3 years capped at Rs. 35 lakh per unit.

In order to arrest distress migration in the 20 migration prone blocks of four districts namely Balangir, Bargarh, Kalahandi and Nuapada, the cabinet approved a new State Sector Scheme named as State Support to MGNREGS.

The state government will provide additional 200 days of work over and above the guaranteed 100 days of work mandated under the MGNREG Act, 2005 in the 20 blocks.

The cabinet has also approved the tender for construction of Kansariganda in-stream storage structures across river Rushikulya near village Barada in Ganjam district at an amount of Rs. 149.60 crore. The work is planned to be completed in 36 months.

Similarly, the government has taken a decision for implementation of the Baselisahi Dharamsala project of Rs. 135.60 crore, a low-cost boarding and lodging facility for the tourist and visitors especially senior citizens in Puri under ABADHA scheme.

The Odisha government has also decided to provide government land measuring Ac. 9.685 dec. in Khordha Mouza of Khordha district to Ministry of Culture for construction of Paika Memorial in the memory of Paika Rebellion at the foothills of Barunei Hill, with free of premium, capitalized value and incidental charges, said state revenue minister Pramilla Mallick.

The Chief Minister-led panel further approved tenders for execution of mega water supply projects worth Rs. 1165 crore in Koraput, Rayagada, Jagatsinghpur and Angul districts.