As per the Industrial Park Scheme, 2002, the Government of India has granted approvals to one hundred seventy three Industrial Parks for claiming tax exemptions under Section 80 IA of Income Tax Act, 1962 during the period from 1-04-2005 to date.
The Industrial Parks have been able to achieve their objectives. 232 live approvals for Industrial Parks have been granted (from 1-04-1999 up to date) involving 17,200 industrial units with an investment of Rs.16,924 crore. 198 industrial parks have since commenced their operation.
The Government of India (Department of Revenue) has introduced the revised Industrial Park Scheme, 2008 in January, 2008 to facilitate and incentivize setting up of Industrial Parks.
The Government of India does not set up Industrial Parks on its own, rather it provides a ten year tax holiday to entrepreneurs who set up Industrial Parks under clause (iii) of sub-section (4) of section 80 IA of the Income-Tax Act, 1961 (43 of 1961). Some Industrial Parks have also been set up by State Government Undertakings.
This information was given by Shri Ashwani Kumar, Minister of State for Industry, in a written reply in the Lok Sabha today.
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