It is expected that the average annual outlay for the New Gujarat Industrial Policy 2020 will be upto INR 8,000 crore.
Announcing the policy, Rupani maintained that the new Gujarat Industrial Policy 2020 has been formed to further consolidate this momentum and enhance the current growth rate.
“Focused efforts have been made for supporting jobs, value addition across sectors, adoption of state-of-the-art technology, increase productivity with Industry 4.0 manufacturing, innovation driven ecosystem with focus on research and development so as to propel the state further towards “Atmanirbhar Gujarat”. This will enable the shaping of a Modern Gujarat that spearheads the vision of a Modern India,” he added.
The policy conceptualises thirst sectors categorising them in two major groups of Core sectors and Sunrise sectors. Core sectors include areas where Gujarat already has a strong manufacturing base and has potential to accelerate further on a global scale. Sunrise Sectors are sectors which have a significant potential for technological advancement and can contribute to sustainable economic development. Thrust sectors will be given incremental incentives as part of the policy, the Chief Minister maintained.
The policy also de-links incentives from state GST and provides for upto 12% of fixed Capital investment will be given to large industries for setting up manufacturing operations in the state in the form of capital subsidy. Gujarat for the records becomes the first state to do so.
The policy also focuses to promote MSMEs with an aim to make domestic MSMEs globally competitive. Government will support MSMEs in upgradation of technologies, adopting globally accepted certifications and in marketing their products internationally.
The New Gujarat Industrial Policy 2020 will offer interest subsidy upto 7% upto INR 35 lakhs per annum for a period upto 7 years to these service sector MSMEs in the state including those engaged in Financial Services, Healthcare Services, Audio Visual services, Construction related engineering services, Environmental services etc, the Chief Minister maintained adding that simultaneously, the state is working on a Service sector policy for large enterprises.