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 the industrialization in Gujarat.
New businesses and startups are getting multiple benefits to enhance their business due to the assistance rapidly, and the Gujarat government provides them. 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 aims to promote the businesses and develop a better infrastructure to reshape the businesses. 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 the knowledge of business for the new ones, 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 pieces of 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 the businesses.
The name of this scheme is “Financial Assistance to the Industrial Parks.”
Eligibility of the institution to develop Industrial Parks.
If any institution or enterprise is registered under the Companies Act, Partnership Act, Trust Act, Societies Act, or other Acts under the development of industrial parks will come under the eligibility criteria of preparing the industrial parks.
Definition of Industrial Parks
An industrial park will consider being an industrial park with a minimum area of 20 hectares, allowing 10 industrial units to get established. The manufacturing unit of these industries must be separated by additional 2 units of 5 hectares, which can be used for the manufacturing operations.
All the areas must meet all the basic requirements like developed plots, road construction, water facilities, sewage, complete management of power, communication, and 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 for the assistance will get 25% of the eligible expenditure, 30 crore rupees are maximum. The assistance is not including the land cost to get the amount.
If the industrial park is going to establish in Vanbandhu Taluka, then the assistance of 50% of the total expenditure will be there. The maximum amount to get assistance will be 30 crore rupees.
Additionally, in 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 get sanctioned for the developers. The remaining 85% of the assistance will be provided while the development of the industrial park.
The eligible institution will get 100% reimbursement of stamp duty paid on purchase of land.