Government of Goa notifies the “Mukhyamantri Modified Interest Rebate Scheme” to Promote Industrial Development
Coming as a part of Budget Assurance, the Government of Goa, under the visionary leadership of Chief Minister Dr. Pramod Sawant has implemented the “Mukhyamantri Modified Interest Rebate Scheme.” This new scheme is aimed at encouraging investments in various sectors and promoting industrial development throughout the state, including the industrially underdeveloped talukas leading to a rise in economic activities and employment opportunities as well. It reflects the Government’s commitment to ensure inclusive growth and equal opportunities for entrepreneurs across all regions of Goa.
The government firmly believes that this scheme will not only give a significant boost to industrialization in the state but also encourage local entrepreneurs, women entrepreneurs, and the employment of Goans in the industrial sector. The scheme will be implemented for a period of five years, starting from 1st April 2023 to 31st March 2028 and it applies to both new and existing industrial/MSME loans disbursed by EDC (Economic Development Corporation).
Units located in the industrially underdeveloped talukas of Goa are eligible to receive a 5% per annum interest rebate. Units promoted by resident/non-resident Goan entrepreneurs qualify to receive additional 2% rebate and women entrepreneurs will be eligible to receive additional 2% interest rebate per annum. Further, the units employing 20 or more Goan employees will exclusively be eligible to receive an additional 2% per rebate.
The maximum interest rebate offered under this scheme is capped at 9% per annum with a ceiling of Rs. 25.00 lakhs per annum.
Chief Minister Dr. Pramod Sawant has fulfilled his budget promise by launching this scheme, which aims to attract investments and promote balanced industrial development across the state of Goa. The Government of Goa expects that the “Mukhyamantri Modified Interest Rebate Scheme” will create a conducive environment for entrepreneurs, boost employment opportunities, and drive overall economic growth in the State of Goa
