Prime Minister Narendra Modi’s constituency Gujarat on October 31st added a new policy to its jurisdiction- the Electronics Policy 2022-2028. Under the policy the state govt aims to generate 10 lakh employment opportunities in the Electronics System Design and Manufacturing Sector in the state. The policy is designed to carve a national hub of ESDM by offering a host of subsidies and incentives to investors.
As per the policy, entrepreneurs interested in investing in the state would be given up to 20 percent capital expenditure assistance with a ceiling of Rs 200 crore under the policy. Moreover, eligible in- vestors would be entitled to get 100 per cent reimbursement n stamp duty and registration fee paid to the government.
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Furthermore, the state govt with a vision to flourish its ESDM sector would provide a power tariff subsidy of Rs 1 per unit for a period of five years.
The state govt is also determined to develop Gujarat Electronics Manufacturing (GEM) clusters for the ESDM ecosystem in the next five years. These clusters would have common R &D facilities, testing labs and common infrastructure amenities.
Other perks under the policy include interest assistance of upto 7 percent for loans over a tenure of five years, logistics subsidy of up to 25 percent on the freight charges for five years, the release read.