Gujarat’s Industries Growth

 Gujarat has witnessed 13% growth in GDP at current prices in 2019-20 over previous year. Gujarat has been constantly achieving double digit growth rate. In the last 5 years, the state registered an average growth rate of 10.14% at constant price.

New industries will continue to get exemption from Electricity Duty for 5 years. With this, Gujarat will be giving significantly high incentives to industries as compared to other states The New Gujarat Industrial Policy 2020 will offer interest subsidy upto 7% upto INR 35 lakhs per annum for a period upto 7 years to these service sector MSMEs in the state including those engaged in Financial Services, Healthcare Services, Audio Visual services, Construction related engineering services, Environmental services etc.

Simultaneously, the state is working on a Service sector policy for large enterprises. In light of CoVID-19, several industries are planning to relocate their operations and/or diversify supply chains. Gujarat will offer Special Incentives to such companies planning to relocate from other countries.