Among other things, the policy refers to bringing in Rs 5,000 crore investment and creating 50,000 jobs in next five years.

The policy, which would be put for public scrutiny till September 9, calls for bigger doles for the industries wanting to construct their units in the backward talukas of Sattari, Sanguem, Dharbandora and Pernem.

It has suggested 70 percent of the project cost incurred by companies in the backward talukas to be reimbursed over nine years through revenues like Value Added Tax (VAT) generated by the firms.

Such reimbursement for those in non backward talukas is to be 50 per cent.

For the first time, the policy calls for creation of a Investment Promotion Board (IPB) headed by the CM with Industries Minister and Tourism Minister as its Vice Presidents.

As per the policy, investments of more than Rs 10 crore are to be referred to IPB, while those of lesser amount would be cleared by Department of Industries, Trade and Commerce (DITC).

Atul Pai Kane, who headed the task force, told reporters that a consultant would be appointed to screen the proposals before forwarding them to either IPB or DITC.

He said the policy also suggests giving incentives to industries based on the local employment generated by them.

"The employment has to be consistent for nine years and There should be at least 80 per cent locals in it," Kane said adding that the definition of 'Goan' has also been added in the policy.

It also recommended forming of Venture Capital with the contribution of private players for funding the state industries.