Daman & Diu
With a typical island topography, Daman & Diu India’s second smallest union territory of India. While Daman lies on the Gujarat coast, Diu is an islet in the Kathiawar peninsula. Its economy is heavily dependent on the small scale industrial units that are a traditional part of the region. Additionally, agriculture and tourism also make a substantial contribution to the economy. A number of other ancillary sectors like real estate have also witnessed a rise in the developing union territory and helped accelerate its growth.
Prime Minister’s Employment Generation Program: Scheme of assistance for self employment generation.
No Octroi: No Octroi Duty is levied in the Union Territory. Read more here >
Sales-tax exemption: All category of units i.e.SSI, MSI and LSI in Daman & Diu are exempted from payment of Sales Tax for a period of 15 years. Read more here >
Exemption from Stamp Duty: In Daman and Diu 50% Exemption is available on Stamp Duty to SSI units for executing legal documents like lease/mortgage agreements etc. Read more here >
Omnibus Industrial Development Corporation (OIDC): Omnibus Industrial Development Corporation (OIDC) of Daman & Diu and Dadra & Nagar Haveli has been incorporated by the Government of India specifically to aid, assist, and finance, promote, expedite and accelerate the economic development of the UT. OIDC has been notified as Financial Institution (FI) under the IDBI Act by the Government of India for refinancing schemes of IDBI and SIDBI. Some important schemes of IDBI/SIDBI likely to be undertaken by OIDC are:
– Term loan to Industry- maximum limit Rs.90 Lakhs (Cottage, Village and Tiny Ind., SSI, MSI & LSI)
– Financial Assistance to Hotels/Tourism related projects.
– Financial Assistance for Small Transport Operators.
– Fast Forward for Quick Disposal of Applications: OIDC exists to help you to quickly get approvals.
Read more about OIDC here >
– Assistance of Capital Investment Subsidy for MSME’s: 10% subsidy is provided on investment in plant and machinery upto a limit of 25 lakhs INR.
– Interest Subsidy: 5% subsidy on interest on loan is provided to MSME entrepreneurs.
Assistance for quality certification: MSMEs in the manufacturing sector will be provided 50% capital subsidy for quality certification.
– Assistance for patent registration: 50% capital subsidy is provided to enterprises that incur costs for patent registration.
– Incentive for local employment: To encourage employment for local people of the region, a one time incentive of 3 lakh INR per 20 local hires is provided to the MSME.
Read more about MSME Schemes in Daman & Diu here >
Tripura University: The institutes MBA offers dual specialization in Entrepreneurship Development & Small Business Management along with traditional areas of Marketing, Finance, and Human Resource Management. Read more here >
MSME – Development Institute, Agartala: Provides a wide spectrum of services to the Micro, Small and Medium Enterprise sector and also equips the unemployed youths with desired skills to enable them to be employed through setting up MSMEs. Read more here >
In Summary – Daman & Diu and Entrepreneurship:
Besides being ideally located and well connected, Daman & Diu, like Dadra & Nagar Haveli, offers entrepreneurs and industrialists excellent incentives and motivation to set up their base. The growth potential of entrepreneurial enterprises in both of these UTs is yet to be completely explored.
To know more about how Daman & Diu are building a vibrant entrepreneurship ecosystem, click here.
Data Sources for Daman & Diu