Gujarat: A Growing Industrial Hub

Becoming an industrial state, Gujarat is becoming a hub for investors to invest more capital. It is giving a good return to several investors, and after the new industrial policy 2020, several schemes are attracting other investors to enhance industrialization in Gujarat.

New businesses and startups are getting multiple benefits to enhance their business due to the rapid assistance provided by the Gujarat government. Gujarat is a strong platform for businesses to accelerate growth in the industry and prepare the best outcomes in minimum time.

Gujarat Industrial Policy 2020

The Gujarat Industrial Policy 2020 aims to promote businesses and develop better infrastructure to reshape the industry. The industrial policy has created adequate provisions to enhance the business’s infrastructure model and other facilities to develop industrial parks in the state. These industrial parks can enhance business knowledge for newcomers and give them the confidence to build a business using available resources.

The scheme for assistance to industrial parks is managed by a task force that came into action in 2015. They understand the business’s competitiveness and provide necessary information to enhance the business’s infrastructure. The Gujarat government is boosting the participation of private firms to take action for the industrial parks. With motivation and confidence, the government is assisting businesses by incentivizing them.

The name of this scheme is “Financial Assistance to the Industrial Parks.”

Eligibility of Institutions to Develop Industrial Parks

Any institution or enterprise registered under the Companies Act, Partnership Act, Trust Act, Societies Act, or other Acts will be eligible for developing industrial parks.

Definition of Industrial Parks

An industrial park will be considered an industrial park with a minimum area of 20 hectares, allowing 10 industrial units to be established. The manufacturing unit of these industries must be separated by an additional 2 units of 5 hectares, which can be used for manufacturing operations.

All the areas must meet basic requirements like developed plots, road construction, water facilities, sewage, complete management of power, communication, and a residing area. These requirements are crucial for every industrial park to get assistance and develop an industrial park for industries.

Assistance to These Industrial Parks

• The eligible institution will receive 25% of the eligible expenditure, with a maximum of 30 crore rupees. The assistance does not include the land cost.
• If the industrial park is established in Vanbandhu Taluka, then the assistance will be 50% of the total expenditure, with a maximum amount of 30 crore rupees.
• Additionally, for the hostel/residence area for workers, the institution will get 25% assistance or 20 crores per the development’s eligibility and rate.
• After the park’s completion, the remaining 15% of the reimbursement will be sanctioned for the developers. The remaining 85% of the assistance will be provided during the development of the industrial park.
• The eligible institution will receive 100% reimbursement of stamp duty paid on the purchase of land.

Conclusion

The Gujarat Industrial Policy 2020 is assisting several new developers and businesses in enhancing their operations. It is crucial to understand the policy properly, which will help institutions get reimbursements and the proper assistance to enhance their industrial image.

There will be a committee that checks all the documents to create an industrial park. This committee is a government body that follows the complete procedure of assistance and allows the institute to participate in the scheme. This scheme is crucial for businesses because of the total assistance from the government.

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