BHOPAL: A special meeting of the Madhya Pradesh cabinet on Tuesday approved series of proposals focussed on the development of state’s Bundelkhand region – which has been counted among the most backward and underdeveloped regions of the country since decades.

Chaired by CM Dr Mohan Yadav in the state’s tourist city – Khajuraho in Chhatarpur district – the state cabinet meeting approved a special industrial incentive package for Bundelkhand, ushering investments worth Rs 24,240 crore and direct employment for nearly 29,000 people in the region.

Under the package which is meant for the ‘Maswasi Grunt’ industrial area in Bundelkhand’s Sagar district, the land allotment and annual land lease rate have been fixed at just ₹1 per square metre. Additionally, a facility of 20 equal annual instalments has been provided for payment of development charges, while the maintenance fee has been set at Rs 8 per square metre per year.

To encourage investors, 100% reimbursement of stamp duty and registration fees has been approved. Industrial units will also be exempted from electricity duty for five years from the date of commencement of commercial production. Large industrial units will be governed by the provisions of the Industrial Promotion Policy 2025 and Investment Promotion Scheme 2025, while MSME units will be covered under MSME Development Policy 2025 and MSME Incentive Scheme 2025. Cement manufacturing units will not be eligible for this special package, which will remain in force for the next five years.