It’s interesting to know that Gujarat is famously known as the ‘land of entrepreneurs’. And, significantly, this state has turned out to be the center for startups and entrepreneurs today too.
It is definitely, one of the major manufacturing states of India. The state is also a leader in industrial sectors, such as chemical substances, petrochemicals, dairy merchandise, drugs and pharmaceutical merchandise, cement and ceramics, gemstones and jewels, textiles, and engineering. And, entrepreneurship in Gujarat was primarily in wholesale and retail sector followed by health, education and serviceoriented enterprises.
Here are some government schemes and incentives for the state of Gujarat.
> Gujarat Mukhyamantri Mahila Utkarsh Yojana
The Mukhyamantri Mahila Utkarsh Yojana (MMUY), was announced by the CM Shri Vijay Rupanion on the birthday of PM Narendra Modi, and it offers to give complete loan facility. The main benefit is the availability of interest-free loans for all of the self-help groups of women in Gujarat, for through this opportunity, they can take up the responsibilities of their families. Thus they can live their lives without any worry about their self-help groups. Interest-free loans will be provided by the government of Gujarat and the interest amount will be given by the state government. All of the women will be able to take a loan for up to 1 lakh rupees. Thousand crore rupees have been finalized to be implemented in this scheme.
> Startup Gujarat
This scheme provides assistance to business innovations and start-ups. It mentors and provides institutional support to individuals and groups who have innovative ideas and are eligible to start on their own. The scheme has been largely financed by the Central government and it focuses on employability and development of entrepreneurial skills of the youth of Gujarat.
> Udyami Mitra
It empowers micro, medium and small scale industries of Gujarat. It provides stand-up loans, mudra loans and also acts as a knowledge portal for the young MSMEs. It is a portal that holds access to more than 17000 handholding agencies and credit advisors and knowledge that is required for setting up. It provides access to 140 lenders that includes banks, Fintechs.
> Fish Entrepreneur Yojana for SC/ST women
The scheme was launched by Ministry of Women and Child development and is sponsored by the state. This encourages SC/ST women to be self-reliant. It. Government provides a weighing machine, insulated box and other machineries required to sell fish. Rs 10,000 unit cost and 50% assistance is provided to women belonging to SC/ST and who wants to have their own fish business. Training is impartedto women for the growth of ‘Zingo’ fish under a 10 day course of Rs 100 scholarship.
> Ghardivda bankable finance scheme for BPL women
The scheme aims at economic development of women who are living below Poverty line. It was launched in the year 1996 by the Ministry of Women and Child Department Gujarat. Women whose annual income is Rs 36,000 or less are considered eligible for this scheme. Women who are qualified are given a loan of Rs 50,000 from Nationalised banks.
Government Incentives for Gujarat
> Gujarat Industry Policy 2020
Under this policy, industrial businesses will be allowed to lease government land for projects for up to 50 years for 6% of the market cost. To take advantage of the global pandemic crisis, the Gujarat government now offers special incentives to businesses that are considering to migrate their operations from other parts of the world to Gujarat.
Units receive capital subsidies and tax breaks under the policy. Gujarat was the first State to decouple incentives from the SGST, allowing major enterprises to receive up to 12% of fixed capital investment as a capital subsidy for establishing manufacturing operations.
The new policy allows MSMEs to source foreign innovations, with the government subsidizing up to 65 percent of the entire cost of technology acquisition up to a limit of Rs 50 lakh. MSMEs would likewise be qualified for a capital appropriation of up to 25% of the qualified advance sum up to 35 lakh and motivations to construct sun-based roof projects on units with higher taxes for solar power produced at 2.25 per unit rather than 1.75 per unit.
This scheme extends assistance for technology acquisition, patent assistance, assistance with SME Exchange Capital Raising, along with Capital Investing Subsidy, and rehabilitation of failing businesses too.
Apart from all this, Gujarat forges ahead to focus on fundamentals such as creating skilled people, enhancing personnel quality, adopting environment-friendly technologies, and focusing on research and innovative industries.