CM targets Rs 12.5 lakh crore Investment, 15 lakh jobs

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CM targets Rs 12.5 lakh crore Investment, 15 lakh jobs

| Updated: October 6, 2022 12:26

Gujarat CM Bhupendra Patel launched ‘Atmanirbhar Gujarat Schemes for Assistance to Industries’ just prior to the state assembly polls. The benefits under the scheme will be extended to 10 sectors including green energy ecosystem, mobility, capital equipment, metals and mineral, textile and apparel, sustainability, agro-processing, chemicals, gems and jewellery and healthcare.

The government aims to attract investments worth Rs 12.5 lakh crore to create jobs for some 15 lakh youths in Gujarat. The schemes will roll out a slew of incentives for the micro, small and medium enterprises, large and mega industries of the state.

The scheme provides MSMEs and large companies to be able to avail of 75% net SGST reimbursements on fixed capital investment over 10 years, reimbursement of employee provident fund for 10 years and electricity duty exemption for five years.

The Chief Minister said “Gujarat is a land of entrepreneurs. The state is India’s manufacturing hub. The scheme will be instrumental in providing special assistance needed by industries to enable them to become part of global supply chains.”

The scheme aims to attract industries and investors and thereby create largescale employment opportunities, he added.

According to Gujarat CM Bhupendra Patel, the scheme will also encourage industries towards green manufacturing practices and adopt decarbonization initiatives.

Under the scheme, micro industries will attract capital subsidy up to Rs 35 lakh, MSMEs will gain interest subsidy up to Rs 35 lakh per annum up to 7 years and incremental incentives will be extended to women entrepreneurs, young entrepreneurs, startups, and differently abled entrepreneurs.

Apart from interest subsidy upto 12% of fixed capital investment on largescale and mega industries, mega investments with at least Rs 2,500 crore of investment and employment commitment of 2,500 persons will also get net SGST reimbursement upto 18% of fixed capital investment over 20 years. It will get 100% of input SGST paid on capital goods reimbursed over 20 years in addition to 100% reimbursement of stamp duty and registration charges paid to govt for purchase and/or lease of land meant for the project.

Minister of state for industries Jagdish Vishwakarma said, “33 lakh MSMEs of Gujarat have been key contributors to Gujarat’s inclusive growth and generation of sustainable employment opportunities, particularly in semi-urban and rural India. The schemes for assistance to industries shall transform Gujarat’s manufacturing landscape in the coming years”

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