NIMZ Full Form

What is the full form of NIMZ?

NIMZ is the abbreviation for National Investment and Manufacturing Zones. The National Investment and Manufacturing zones are an important instrumentality of manufacturing policy. The NIMZs are envisioned as a mixed industrial township with essential infrastructure, skill development facility, use of land based on zoning, art infrastructure etc. NIMZs provide a productive environment for the people growing from primary to the secondary or tertiary sectors. NIMZs help to promote word-class manufacturing activities. For locating the manufacturing units, a minimum of 30 percent of total area proposed for NIMZ will be utilised.

Nodal Agency For NIMZ

The Nodal agency for NIMZ is the Department for Promotion of Industry and Internal Trade, formerly known as DIPP.

Objectives Of NIMZ

The main objectives of establishing NIMZ are as follows.

• The main objective of NIMZ policy is the growth of industries through collaboration with the state governments.

• Special Economic Zones help in the advancement of exports.

• It will promote economic growth, which benefits the government.

• It will help in employment generation also.

Major Benefits For Units Within NIMZ

• The units within NIMZ are exempted from capital gains tax.

• For infrastructure development, soft loans will be explored by multilateral institutions.

• For new as well as existing employees, skill up - gradation programmes are in coordination with NSDC (National Skill Development Corporation).

• For the development of internal infrastructure, the NIMZ developers are allowed to raise ECBs (External Commercial Borrowings).

• The transfer of sick assets belonging to a firm will be facilitated by the EPV (Earnings power value) of the respective NIMZ.

Incentives For Green Technologies In NIMZ

• No water cess.

• For the units practising zero water discharge, one time ten per cent capital subsidy is available.

• Water and environment audits are mandatory.

• RWH ( Rainwater Harvesting) is also mandatory.

• Many incentives are available under existing schemes if the firm is using renewable energy sources.