With an eye on the forthcoming Assembly elections in Gujarat, chief minister Bhupendra Patel today rolled out an ambitious scheme of attracting investment of Rs 12.50 trillion and employment generation for at least 15 lakh people in the next five years under Aatmanirbhar Gujarat Schemes for Assistance to Industries.
The schemes announced by Gujarat CM in line with Prime Minister Narendra Modi’s ‘Aatmanirbhar Bharat’ initiative are based on two themes – Greening the manufacturing process as well as contributing to the global supply chain. ‘The Aatmanirbhar Gujarat Schemes for Assistance to Industries’ is aimed at encouraging budding entrepreneurs to fulfil their entrepreneurship ambitions not only by de-risking their investments through incentives but also by encouraging youth to innovate and become job creators, said Patel.
The schemes under Aatmanirbhar Gujarat will be instrumental in providing special assistance needed by industries to enable them to become part of the global supply chains, he said adding that the idea is to encourage industries to transition towards green manufacturing practices and adopt decarbonization initiatives to remain globally competitive. As per the schemes, MSMEs would get Net SGST reimbursement up to 75% of fixed capital investment over 10 years and capital subsidy up to Rs 35 lakh for micro industries.
Besides, there is a provision for interest subsidy to MSMEs up to Rs
35 lakh per annum for up to 7 years and electricity duty exemption for five years. Investment under Rs 1 crore would be considered a micro-unit and investment betweenRs 1 crore and Rs 10 crore would be treated as a small-scale unit. In the case of a Rs 10 to Rs 50 crore investment, the unit would be treated as medium scale. Similarly, under Aatmanirbhar Gujarat large industries would get interest subsidy up to 12% and Net SGST reimbursement up to 75% of fixed capital investment over 10 years.
Large industries too will get exemption on electricity duty for five years. Manufacturing units having a fixed capital investment of above Rs 50 crore in plant and machinery would be eligible as large industries.
Mega industries too will get a boost under the new initiative of the Gujarat government as there is the provision of Net SGST reimbursement to mega industries up to 18% of fixed capital investment over 20 years and 100% of input SGST paid on capital goods shall be reimbursed over 20 years. Mega industries under these schemes would avail of 100% reimbursement of stamp duty and registration charges paid to the Government of Gujarat for the purchase and/or lease of land meant for the project.
Investment above Rs 2,500 crore and employment to more than 2,500 persons shall be considered a mega industry under the scheme.