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Govt unveils new industrial policy ahead of Vibrant Gujarat Summit
06
Jan '09
The Government of Gujarat unveiled its new industrial policy ahead of the Vibrant Gujarat Investors Conference scheduled for next week. The policy, from many of its features lays emphasis on attracting quality investments and lays focus on Small and Medium Enterprises (SMEs), Special Investment Regions as well as emerging and innovative projects.

The state has inherent strengths in varied sectors like textiles, petrochemicals, dyes and chemicals etc. part from attracting more investments in these sectors, the new industrial policy aims to focus on emerging industries like nanotechnology, technical textiles, bio-technology and non-conventional energy resources. To attract the right investments the policy offers venture capital assistance, interest subsidy and other subsidies.

Other than SMEs, the policy also focuses on Mega projects which entail capital investments of more than Rs 1billion and employ more than 2,000 workers. It will also provide support to develop ancillary and auxiliary industries to add value to the products manufactured in the state. It also envisages an assistance package based on merit to per-identified sectors.

The other focus areas are the Special Investment Regions (SIRs). A 54,000 hectare project under the SIR scheme has already been planned in Dholera, near Ahmedabad. The government is also planning to formulate a Special Investment Region Act in order to make easy growth of these regions in the state.

The previous Vibrant Gujarat summits held in the preceding years had garnered unprecedented MoUs for investments with the amounts committed increasing with each passing year. While the first 2003 summit witnessed MoUs worth US $14 billion being signed, the last summit held in 2007 witnessed MoUs signed for an overwhelming US $152 billion.

The 4th summit to be held next week is expected to cross the MoUs for investments in 2009 by a very wide margin, than those signed in previous years.

Fibre2fashion News Desk - India

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