The Government of Madhya Pradesh has made several policy announcements in order to attract investment to the various sectors and thus contribute to the development of the economy as a whole. These policy documents provide a framework for guiding the investors regarding the potential opportunities in the State. They envisage the investment incentives and schemes. The policies broadly aim to fully utilise the available resources; create the gainful employment and improve the quality of life of the people. Thus, they motivate investors the world over to invest into the State by creating a favourable business climate.
The major being, the Industrial Policy, which has been formulated with a view to make Madhya Pradesh a prosperous State by accelerating the rate of industrial development, generating employment and developing quality infrastructure. The policy aims at reviving sick industries and providing them with maximum support, facilities and industry friendly governance. The objectives of the policy are to:-
- Make State administration industry friendly by simplifying rules and procedures;
- Accelerate the pace of industrialization and make Madhya Pradesh industrially a leading State;
- Maximise employment prospects;
- Attract foreign investment by developing world-class infrastructure;
- Create congenial environment for the development of small, medium and large industries;
- Ensure balanced regional development by generating employment in the non-farm sector;
- Chalk out special packages for removing industrial sickness;
- Rationalize commercial tax rates to make the State's industries competitive vis-a-vis industries in other States;
- Ensure private sector participation in the State's industrialisation;
- Financially strengthen the undertakings of Department of Industries, enabling them to play a pivotal role in the promotion of industries.
Another important policy is the Information technology (IT) policy, which has been implemented to encourage private investment into the IT sector and generate employment opportunities. It aims at providing information to all the citizens at an affordable cost and thus achieving IT literacy in the State. The objectives of the policy are to:-
- Improve the life of the common man leveraging the strengths of e-governance;
- Attract investment in the sector so that the educated youth is able to contribute to the development of the State;
- Create a pool of highly skilled professionals who are at par with the best in the country;
- Transform resource based economy to knowledge based economy.
Besides, there is a mineral policy of the State, which aims to explore new mineral deposits and enhance the productivity of the existing ones. The objectives of the policy are to:-
- Discover new mineral deposits;
- Undertake systematic and scientific exploitation of minerals;
- Exploit the minerals with minimum adverse impact on the environment and forest wealth;
- Promote research and development of minerals;
- Encourage mineral based industries;
- Encourage export of minerals;
- Create greater employment opportunity in the mineral sector;
- Constitute a mineral advisory board.