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The Gujarat government’s industrial policy, which was launched in August 2020, aims to position the state as a global business destination by providing substantial subsidies to industries. Over a period of five years, the policy plans to offer Rs 40,000 crore in subsidies, with an average annual outlay of Rs 8,000 crore. This commitment is seen as a reflection of the government’s dedication to fostering inclusive growth and sustainable development, as highlighted during the upcoming Vibrant Gujarat Global Summit scheduled for January 10-12, 2024, in Gandhinagar.
The industrial policy’s objective is to promote entrepreneurship, innovation, and balanced regional development, along with the creation of world-class infrastructure and initiatives to facilitate a favorable business environment and export competitiveness. Stakeholders believe that this approach aligns with the vision of an “Aatmanirbhar Bharat” (self-reliant India) and contributes to making Gujarat a global hub for sustainable manufacturing and services industries.
Rahul Gupta, Managing Director of the Gujarat Industrial Development Corporation (GIDC), emphasized that the new industrial policy would provide a conducive environment for industrial growth and development in the state. Gupta highlighted the importance of value addition in the incentives offered under the policy, which includes net GST reimbursement to encourage more value addition within Gujarat.
In line with the “Aatmanirbhar Gujarat” initiative, the policy supports Micro, Small, and Medium Enterprises (MSMEs) by funding a significant portion of the cost of acquiring foreign patented technologies, emphasizing self-reliance and innovation. It also provides incentives for private industrial parks, with a 25% fixed capital investment subsidy, which is further increased to 50% for parks located in tribal talukas.
Sandeep Engineer, Vice President of the Gujarat Chamber of Commerce and Industry, credited Prime Minister Narendra Modi’s long-term vision for Gujarat’s industrial growth. Engineer highlighted the simplification of business processes and approvals initiated by PM Modi, as well as the establishment of Gujarat International Finance Tec-City (GIFT City) as significant contributions to the state’s economy and future development.
Officials emphasized that Gujarat’s progress is driven by its strategic and forward-looking industrial policy, which prioritizes world-class infrastructure, competitive fiscal incentives, and ease of doing business. The state has also implemented measures such as the Gujarat MSME Act, 2019, the Gujarat Single Window Clearance Act, 2017, and the strengthening of the Investor Facilitation Agency to enhance the ease of doing business experience for existing and potential enterprises.
Furthermore, the government has adopted a focused approach to achieve balanced regional development by promoting industries in less developed areas, aiming to generate industrial employment, reduce income disparity, and prevent concentration of industries in specific centers or cities.
As Gujarat embraces new opportunities and adapts to global changes, it remains a beacon of progress. The state’s commitment to inclusive growth, sustainable development, and a conducive business environment positions it as an attractive destination for businesses and investments.
The Gujarat industrial policy is focused on transforming the state into a global business hub. Stakeholders are actively involved in shaping this policy to ensure its effectiveness and success.
The policy aims to attract domestic and international investments by providing a conducive business environment. It offers various incentives and benefits to industries, such as tax exemptions, subsidies, and streamlined approval processes.
Additionally, the industrial policy focuses on infrastructure development, including the establishment of industrial parks, ports, and special economic zones. This aims to create a robust ecosystem that supports the growth of industries and facilitates ease of doing business.
To encourage innovation and entrepreneurship, the policy also promotes the establishment of research and development centers, incubation facilities, and technology parks. These initiatives aim to boost the competitiveness of Gujarat-based businesses on a global scale.
Moreover, the policy emphasizes skill development and vocational training programs to ensure a skilled workforce that meets industry requirements. It also fosters collaboration between industries and educational institutions to bridge the gap between academia and industry.
Overall, the Gujarat industrial policy strives to make the state an attractive investment destination, enhance infrastructure, promote innovation, and develop a skilled workforce. With the active participation of stakeholders, it aims to position Gujarat as a leading global business hub.
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