Ahmedabad, May 18 (KNN) The Gujarat Government has announced 50 per cent reduction in the cost of GIDC plots for micro, small and medium enterprises (MSMEs).

The State Cabinet has decided that the plots would be allocated under the GIDC industrial estates having a size of up to 3,000 square meters.

Nitin Patel, Deputy Chief Minister, Gujarat, said the state government has changed the process of land allocation and pricing to develop industrial estates.

As decided in the Cabinet meeting, if the GIDC allocates plots of up to 3,000 square meters to the SMEs, then GIDC will have to pay 50 per cent less for that land. Subsequently, GIDC will sell such plots to SMEs at half the rate, said Patel.

"Patel said the decision is aimed at creating employment through entrepreneurship and supporting small and medium businesses by providing cheaper plots in the industrial estates. This will also help in developing ancillary industries in the state."

All other plots with the size higher than 3,000 square meters will continue to cost at 100 per cent rate, Patel clarified.