Greener BeeGreen ElectronicsGujarat eyes $6 billion inflow via new electronics industry policy

Page 1 of 4

GANDHINAGAR: The Gujarat government on Wednesday announced its maiden electronics industry policy for 2014-19. This is the first in a series of business policy announcements lined up by the state government in the run-up to the 7th Vibrant Gujarat Global Investor Summit scheduled for January 2015.

The new policy aims to achieve $6 billion investment and boost the turnover of this sector to $16 billion by 2020. The government hopes to generate at least 5 lakh new jobs in the next six years. To help achieve this target, the government has set up a Gujarat Electronics Mission.

The state government seems eager to woo semiconductor fabrication units and develop green field and brown field electronics manufacturing clusters in Gujarat. Special incentives will be granted to semiconductor, fabrication units, mega units and anchor units. Under the same policy greenfield electronics manufacturing cluster will be given up to 25% assistance within a limit of Rs. 10 crore.

For women, the policy extends 100% employment provident fund relief within a limit of Rs 5 lakh per year and 75% for other employees.

41 sectors to be covered under electronics policy

Under the new electronics policy 2014-2019, the Gujarat government has identified 41 broad sectors to give them a boost. The policy is considered a key step towards Prime Minister Narendra Modi’s ‘Make in India’ campaign to promote production of maximum products in the country instead of relying on import.

The state science technology department will facilitate the intellectual property (IP) development by Indian industry, academic and RD institutions.

Mega electronics events on the lines of ‘Vibrant Gujarat Summit’ will also take place. The Gujarat government wants to organize such events to give a fillip to the electronics industry sector.

On Wednesday, the government also unveiled its plans for scheme of assistance to micro and small enterprise (MSEs). The scheme will help them purchase industrial shed and plot in mini estates developed by GIDC.

Under the policy, the state government also announced assistance at the rate of 50%, subject to a ceiling of Rs 10 lakh, to meet the expenditure for obtaining domestic patents. The government has also decided to extend 1% additional interest subsidy to first-time entrepreneurs who are less than 35 years of age, SC/ST persons, women, and differently-abled persons.

Article continues


Comments

Gujarat eyes $6 billion inflow via new electronics industry policy — No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *