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Goa Industrial Development Corporation Launches COVID-19 Amnesty Scheme for Industries



Panaji, 23 June – In a recent board meeting held on Goa Industrial Development Corporation (Goa-IDC) announced the implementation of a special ‘COVID-19 Amnesty Scheme’ to provide relief to industries impacted by the COVID-19 pandemic and other challenges. This initiative aims to support the revival and growth of non-functional units by addressing their pending dues and encouraging them to restart operations.

Under the scheme, the penal interest (simple) imposed on industries that have failed to pay premiums, interest on premiums, and lease rent will be significantly reduced to 5%. The scheme will be effective from 24th June 2023 and remain valid for 30 days, providing industries with a limited time frame to avail themselves of this opportunity for financial relief.

To benefit from the scheme, industries are required to submit a written request to the Goa-IDC’s Head Office or the concerned Field Manager’s Office within the specified validity period. Industrial units have the flexibility to clear their dues either in a single payment or through monthly installments by providing post-dated cheques payable to the Goa Industrial Development Corporation. The maximum number of installments allowed is 8, enabling timely recovery of all outstanding dues before the end of the current financial year.

Failure to take advantage of the scheme within the stipulated 30-day period will result in the imposition of regular penal interest. Additionally, legal action may be initiated against defaulting industries for the recovery of pending dues after the scheme’s expiration. It is important to note that Goa-IDC will not introduce any further amnesty schemes and appeals to all industries to settle their outstanding payments.

The COVID-19 Amnesty Scheme has been designed as a strategic measure to facilitate the restart of non-functional units by resolving their pending financial obligations. Once dues are cleared, industrial units will have the option to continue their original activities, embark on new industrial ventures, or transfer ownership to prospective entrepreneurs. This multi-faceted approach is expected to generate employment opportunities and stimulate economic activity in the region.

To ensure the success of the scheme, Goa-IDC conducted consultative meetings with industry bodies across the state to gather valuable insights before finalizing the scheme. Additionally, a coordination meeting was held on 23rd June 2023 with all Field Managers and Area Managers of Goa-IDC to ensure the smooth implementation of the scheme. Going forward, industry bodies will actively participate in the implementation phase to encourage industries to take advantage of the scheme’s benefits.

In other significant decisions made during the board meeting, Goa-IDC has decided to maintain plot rates for industrial estates unchanged for the current financial year. This decision reflects the corporation’s commitment to support industrial growth and create employment opportunities in the region. To finance infrastructure upgrades in industrial estates, Goa-IDC will adopt a value capture financing model, whereby prime plots in select industrial estates will be allocated through a simplified electronic auction procedure.

Goa-IDC remains dedicated to the sustainable development of industries in Goa, and these initiatives exemplify its ongoing efforts to provide support, stimulate growth, and drive economic prosperity for the state and its stakeholders.