PIB | 03 Nov, 2022
Union
Minister for Commerce and Industry Piyush Goyal appreciated the Gujarat
Government for spearheading several wide-ranging initiatives to promote
the Lab Grown Diamonds Sector, especially the initiative to reduce
electricity tariff/duty for Lab Grown Diamonds (LGD) industry by
offering a 100% exemption on electricity duty for 5 years under the
provisions of the electricity act.
He was chairing a meeting on LGD in
New Delhi today.
Goyal applauded the Gujarat Government for recognizing LGDs as a thrust
sector under the Aatmanirbhar Gujarat Schemes for Assistance to
Industries 2022.
It may be noted that 'Industrial machinery and
equipment' and 'electrical machinery and equipment' have also been
considered by the Gujarat Government as thrust sectors, the benefits of
which maybe availed by the LGD reactor manufacturers.
He
lauded the Government of Gujarat for spearheading several wide-ranging
initiatives to promote the Lab Grown Diamonds Sector.
A basket of
incentives has been offered, including concessions in power cost,
interest cost and tax, R&D support to develop indigenous
technologies for LGDs, skill development support to encourage skill
upgradation for existing workforce etc.
In
a bid to reduce electricity tariff, 35% of the charges paid to
distribution licences for LT/HT service lines upto Rs. 5 Lakhs can also
be availed by industrial units.
Another incentive offered is the 100%
reimbursement of employer contribution of EPF upto 12% of basic pay or
upto Rs. 1800 per month, whichever is lesser, for a period of 10 years.
Interest
subsidy and net SGST reimbursement upto a 100% is also being offered to
MSMEs, large and mega players. Mega units can claim for reimbursement
of 100% of capital input tax on capital goods over 20 years.
Assistance
is also being provided for technology acquisition to the tune of 65% of
the cost, upto Rs. 50 lakhs, including patented technology acquired from
foreign company. For market development, assistance to MSMEs to attend
National and International Exhibitions is being provided.
Rent
assistance to the tune of 65% upto Rs. 1 Lakh per annum for 3 years is
also being offered. The Government is also striving to support R&D
for industrial associations as well as individual enterprises and skill
development through financial assistance.