Gujarat government's novel policy for large, innovative projects on the cards

Industry Outlook Team | Friday, 16 July 2021

After the ongoing policy of mega and innovative industries lapsed on June 30 this year, the Gujarat government is settling a new policy for mega/large and innovative projects in the state.

A high-level meeting was conducted in Gandhinagar on Thursday to decide the revisions and changes in policy.

A significant source close to the development informed, “Thursday’s meeting was the very first one to decide the next course of action and discuss broad issues regarding incentives for such projects. These include financial and all

other type of incentives.”

The source further stated, “A lot of investment is coming up in the renewable energy sector, electric vehicles and non-polluting industries. All the concerned departments have been also requested to send suggestions to be included in the proposed new policy.”

The government intends to add new segments in the policy. “It aims to increase the present limit of minimum investment as wellas focus big-time on generating long-term employment. Presently, the government is thinking of giving incentives like SGST reimbursement against capital investment etc. All present policy incentives could eb continued,” the source added.

The government is also about to open up consultations with various stakeholders and potential mega investors. It also purposes to attract technology-based projects to Gujarat under the new policy.

The state government has also directed officials to study incentives being offered by different states for mega, large and innovative projects. “The state government will include the most lucrative being offered to such industries and link it with government of India’s policy for such projects. The policy is expected to be announced in the next one or two months,” stated sources.