Under the policy, the government will provide subsidy up to Rs 100 crore on the capital cost to set up Electronics Manufacturing Cluster (EMC).
Gujarat government on Monday has announced subsidy up to Rs 100 crore on the capital cost to set up an Electronics Manufacturing Cluster (EMC) in the state besides other incentives under its 'Electronics Policy 2016'.
"This new policy is aimed at attracting an investment of $6 billion (nearly Rs 40,956 crore) in the next five years, and aims to create five lakh new employment opportunities in Gujarat," Science and Technology Minister Govind Patel had announced on the floor of the Legislative Assembly while announcing the policy, which will remain in effect till 2021.
Under the policy, the government will provide subsidy up to Rs 100 crore on the capital cost to set up EMC. Further, a subsidy of Rs 5 crore will be given to set up a high power electric sub-station for such EMC.
As per the estimates presented in the House, electronics items worth $100 billion (nearly Rs 6.83 lakh crore) are currently sold in Indian market every year.
"Looking at the pace at which this industry is growing, this market will touch the mark of $400 billion (nearly Rs 27.30 lakh crore) in next five years," the minister told the House.
Giving details about various provisions under the policy, Finance Minister and government spokesperson Saurabh Patel stated that such EMCs will be given various rebates in registration fees, land transfer stamp duty, power tariffs and in the payment of electricity duty.
Just like EMCs, the policy provides for Rs 100 crore capital subsidy to set up units engaged in Electronics System Design and Manufacturing. Such units will be eligible for interest subsidy up to Rs 10 crore on the loans.
Patel stated that government has announced the formation of 'Gujarat Electronics Mission' to facilitate industrialists in acquiring all required permissions through a single-window system.
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