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News on Gov 8th Oct 2022 ardorcomm Gujarat government unveils plan to attract $12.5 trillion in investments

Gujarat government unveils plan to attract $12.5 trillion in investments

Aatmanirbhar Gujarat Schemes for Assistance to Industries, an ambitious programme launched by Gujarat Chief Minister Bhupendra Patel, aims to generate employment for at least 15 lakh people and attract investments of Rs 12.50 trillion over the course of the next five years.

The two themes of the programmes outlined by the Gujarat chief minister are contributing to the global supply chain and greening the manufacturing process. In order for industries to be able to participate in the global supply chains, they will need particular help, which will be provided by the programmes under Aatmanirbhar Gujarat.

The Aatmanirbhar Gujarat Schemes for Assistance to Industries was created with the intention of inspiring young people to develop and create jobs while also supporting aspiring entrepreneurs to realise their entrepreneurial dreams.

According to the plans, MSMEs will receive capital subsidies up to Rs 35 lakh for micro industries and Net SGST reimbursement up to 75% of fixed capital expenditure over 10 years. In addition, MSMEs may receive interest subsidies of up to Rs 35 lakh annually for a period of seven years, as well as a five-year exemption from paying electricity duty.

For five years, large industries will be spared from electricity duty. A manufacturing unit would qualify as a big industry if it had a fixed capital investment in plant and machinery of more than Rs 50 crore.

The Gujarat government’s new programme will benefit big companies by providing Net SGST reimbursement up to 18% of fixed capital investment over 20 years and 100% of input SGST paid on capital goods over the same period of time. Under these programmes, mega industries would be eligible to get a 100% reimbursement of the stamp duty and registration fees they paid to the Gujarat¬†government for the purchase or lease of the project’s property.

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