During the Gujarat Assembly elections, the Bharatiya Janata Party (BJP) had promised inclusive growth and to take Gujarat’s economy to $1 trillion by 2030.
The first step in this direction was taken by the Chief Minister Bhupendra Patel government by deciding to start a ‘Felicitation Desk’ for Micro, Small and Medium Enterprises to make their task easier in getting permission from various departments.
State government spokesman and health minister Rishikesh Patel announced that the cabinet has decided to train 50,000 youths in the next three years in the latest skills that can get them jobs or set up their own businesses like artificial intelligence, drone training, cloud computing, Block chain computing and others.
BJP chief spokesman Yamal Vyas told IANS: “Gujarat should become a $1 trillion economy by year 2030 and this growth will be balanced and will be all inclusive with low disparity between the different classes of people.”
Vyas added that the sole focus of the government will be the development of social infrastructure and inclusive growth and development, with increasing irrigation facilities to boost the agriculture sector. Similarly, the services sector will get a big boost on the back of GIFT city which should take the state’s economy into a new orbit. Gujarat is one state where growth is balanced across regions.
According to the state budget its Gross State Domestic Product is estimated to be Rs 22,03,062 crore by the end of the current financial year. Till mid-2022, the installed power generation capacity was 44,930 megawatt, of which the private sector contribution is 29,204 megawatt.
In the current financial year, the state has attracted Foreign Direct Investment of 3,200 million $ in just the first four months.
The state is attracting private investment because of good governance and decisive leadership in the state as well as the Centre which provides backbone to the growth and development of the state, said Pratik Patwari, president of The Gujarat Chambers of Commerce and Industry
Citing an example of good governance, Patwari said for ages industries were facing double taxation problems. If the unit was opened in the industrial estate set up by the Gujarat Industrial Development Corporation (GIDC), the village panchayat and GIDC both imposed taxes. The Patel government has scrapped this system, now the units have to pay a single tax.
The present government has reduced GIDC plot resale charges from 3 per cent to 1 per cent, because of which many industrialists were neither using it or were unable to sell. Now the road being clear, assets worth thousands of crores will be used, pointed out Patwari.
In the early years, Gujarat was leading in manufacturing sectors like pharmaceuticals, chemicals, engineering, diamonds. Today Gujarat’s share in pharma products is more than 45 per cent, in plastic and plastic products more than 65 per cent, 50 per cent in chemicals, and 80 per cent in diamond cutting and polishing. Now it is entering into new age sectors like semi conductors, manufacturing defence products, renewable energy.