Govt announces incentives to boost manufacturing
- Pakistan court declares 26/11 accused Zaki-ur-Rehman Lakhvi's detention void
- Chairs broken, MLAs faint in Kerala Assembly as Finance Minister KM Mani presents budget
- ‘Love jihad’ gets a Bengal reply: Bahu lao, Beti bachao, ‘purify’ Muslim brides
- Kolkata Park Street rape victim dies
- LIVE: PM Modi arrives in Sri Lanka; assures visa on arrival for Lankan nationals
In an attempt to boost manufacturing sector in Gujarat, the state government Monday announced five more schemes giving financial incentives which include interest subsidy scheme for MSMEs.
Making the announcement in the Assembly today, Minister of State for Industry Saurabh Patel said, "Giving more importance to the development of the manufacturing sector in the state, government has decided to amend its Industrial Policy of 2009 and have proposed five more incentives."
He said the schemes have been proposed to increase the contribution of manufacturing to the state gross domestic product from 27 per cent now to 32 per cent by year 2017.
"The share of manufacturing sector in nation's GDP (Gross Domestic Product) is 18 per cent and as envisaged in the National Manufacturing Policy 2011, central government aims to increase that share to 25 per cent by 2025," he said.
The new schemes pertain to interest subsidy, core infrastructure aid, incentive for common facilities, common effluent treatment plant (CETP) and centre of excellence for five sectors.
The government would offer seven per cent interest subsidy to MSME units and two per cent to those units which have an investment up to Rs 100 crore.
Incentives include financial aid of up to Rs 20 crore to establish internal roads, water supply, electricity and communication facilities in industrial parks.
Patel has also proposed up to Rs 20 crore of aid to set up a national-level centre of excellence under PPP (Public Private Partnership) model and up to Rs 30 crore to set up a similar international-level centre.
The scheme will help five core manufacturing sectors, that of auto and auto components, solar and wind equipment manufacturing, speciality and fine chemicals, electronic system design and manufacturing (ESDM) and food and agro business, Patel told the House.