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22/02/2017 04:17am

MSMEs are the star of Gujarat Budget; get Rs 1000 cr spl package and more

image MSMEs are the star of Gujarat Budget; get Rs 1000 cr spl package and more

Ahmedabad, Feb 22 (KNN)  Making higher allocation towards sectors highly impacting common man such as education, youth, health, micro, small and medium enterprises (MSMEs) and infrastructure, Gujarat Budget  offers a Rs 1000 crore special package for MSMEs in the state.

The state would go for Assembly Elections in December this year. Gujarat deputy chief minister Nitin Patel, who also holds the finance portfolio, delivered the state budget for 2017-18.

The budget focused on the theme of 'optimum inclusive development of human resources and trunk infrastructure through effective and transparent implementation'.

A first by the chief minister Vijay Rupani-led government, the budget size stood at Rs 1.72 lakh crore for FY 2017-18, up by Rs 20,327 crore as against last year, along with surplus estimates of Rs 521.3 crore.

Terming the budget "complementary to the union budget", Patel offered a Rs 1000 crore special package for micro-small and medium enterprises (MSMEs).

The special package offers enhanced assistance to MSMEs for market development, technology acquisition, raising finance through SME exchanges, additional assistance for power connections and capital and rental charges. Rs 17 crore was allocated for start-ups.

Rs 570 crore was allocated under Textile Policy and for traditional handicrafts, Rs 10 crore has been provided for supporting and encouraging unique crafts such as Kutchi, Patola and Bandhani works, wooden carved furniture and others.

The state budget also offers a special package with an outlay of Rs 10 crore for communities like barbers, carpenters, cobblers and potters among others, which provide specialised services. The aimed is at providing skill upgradation facilities, toolkits and modern amenities to these communities at their workplace.

Rs 200 crore for allocated for industrial incentive scheme, defence aerospace policy, plastic industry scheme.

 A special package was announced under Bharatratna Dr Bahasaheb Ambedkar Udyog Yojana was also announced for Scheduled Caste (SC) and Scheduled Tribe (ST) members. The package includes additional support for entrepreneurship training with mentorship and sustenance allowances, assistance for new power connection and support for industrial infrastructure.

To further spruce up infrastructure for tourism industry, the budget has allocated Rs 292 crore under Integrated Tourist Destination Development Scheme.

Because of the possible rollout of the goods and services tax (GST) soon, Gujarat government chose to keep the the existing value added tax (VAT) unchanged. However, Patel announced that payment of taxes exceeding Rs 10,000 would be made mandatory through e-payment.

Overall, the Budget has made special focus on the small industries which generates maximum employment for the youth. (KNN Bureau)


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