The District of Daman has been declared as a ‘backward area’ for the purpose of setting up industries. As such, numerous incentives such as power subsidy, 10 to 15 years exemption from sales tax, reduction in stamp duty, subsidy on fixed assets and tax holiday income tax for five years etc have been made available to new units being set up here. The Administration of Daman has also recently introduced a Single Window Investor Friendly Time Bound (SWIFT) System aimed at streamlining the administrative machinery for industrial development, growth and reputation of industry. Daman’s proximity to Bombay and Petrochemical Complex of Baroda has helped a variety of industries such as man made fibers, plastic garments, packing pharmaceuticals etc. to come up and flourish.
OMNIBUS INDUSTRIAL DEVELOPMENT CORPORATION (OIDC):
he Administration of the Union Territory has set up an ‘Omnibus Industrial Development Corporation” (OIDC), with a share capital of Rs.5.00 crores, for aiding, assisting, financing, promoting, expediting and accelerating the economic development of the UTs of Daman, Diu and Dadra and Nagar Haveli in various areas covering industries, fish rising, mining, tourism, agro industries, communication, transport, housing and related activities. This Corporation notified as a Financial Institution (FI) under the IDBI Act by the Government of India for refinancing schemes of IDBI and SIDBI, is also entrusted with the task of financing industries coming up in the region and canalizing necessary raw materials at the reasonable prices.
OIDC is expected develop new and maintain the existing industrial estate with adequate infrastructure facilities like roads, supply of water and power, common facilities canteen, banks, meeting halls etc. In keeping with the later and spirit of the liberalized economy and industrial policies of India, the Administration of this UT has simplified procedure for SSI registration and obtaining other clearances like pollution control committee and for power connection. OIDC assisting in expediting these clearances.
TRADE & SERVICES:
Daman has been tourist centre because of its coastal location, serene, un-spoilt beaches and pollution free atmosphere. Hotel industry has, therefore, thrived here. In recent times, influx of industry has given an additional fillip to this sector comprising hotel and other incidental services like transport, auto service stations, bars and restaurants, retail traders etc.