investmnents

The framework was launched by state’s Chief Minister Bhupendra Patel and is expected to generate employment opportunities for over 15 lakh people in Gujarat

Gujarat government on Wednesday announced ‘Schemes For Assistance to Industries 2022’ to attract investments of Rs 12.5 lakh crore.

The framework was launched by state’s Chief Minister Bhupendra Patel and is expected to generate employment opportunities for over 15 lakh people in Gujarat.

These schemes will target MSMEs, Large and Mega industrial units.

Speaking at the launch, CM Patel said that these schemes would provide assistance to industries to help them become a part of the global supply chains.

Under the larger bracket, Scheme For Assistance to MSMEs will look to offer a basket of incentives to MSMEs including Capital Subsidy, Interest Subsidy, Net SGST Reimbursement and EPF reimbursement to MSMEs.

For micro industries, the incentives include capital subsidy of up to Rs 35 lakh, interest subsidy of up to Rs 35 lakh per annum for up to seven years, EPF reimbursement for 10 years. The scheme also introduces incremental incentives to women entrepreneurs, young entrepreneurs, startups and differently-abled entrepreneurs.’

Meanwhile with regards to reimbursement of SGST, industries in Gujarat will be eligible for reimbursement of Net SGST based on the category of taluka the investments are made.

Mega industries too stand to benefit from this government initiative. The scheme has introduced Net SGST reimbursement to mega industries up to 18 per cent of fixed capital investment over 20 years and 100 per cent of input SGST paid on capital goods shall be reimbursed over 20 years.

Some of the schemes under ‘Schemes For Assistance to Industries 2022’ are also pointed at encouraging transition towards green manufacturing and decarbonisation, in line with the pathway laid out by the principles of ‘Panchamrut’ PM Modi.