Infrastructure Development
The Gujarat government recently unveiled its budget for the financial year 2024–25, with a focus on infrastructure development. With provisions for setting up a Fintech Hub at GIFT City, a Semiconductor School at Sanand, and a manufacturing hub for the space sector, the government aims to boost economic growth and create new opportunities in the state.
One of the key highlights of the budget is the allocation of ₹52 crore for the establishment of a fintech hub at GIFT City. GIFT City, located near Ahmedabad, is already a prominent financial and technology hub in India. The proposed fintech hub will further enhance its capabilities and attract more companies and investments in the fintech sector. Additionally, ₹100 crore has been allocated for the development of the Sabarmati Riverfront near GIFT City. The government plans to extend the riverfront to 38.2 kilometers in five phases, making it the longest and most scenic riverfront in the world.
In collaboration with Micron Technology, the government plans to set up a school for semiconductors in Sanand, which is in close proximity to Ahmedabad. This initiative aims to create a skilled workforce for the semiconductor sector, which is experiencing rapid growth globally. A provision of ₹33 crore has been made for the establishment of this school. Furthermore, under the semiconductor and electronics policies, the government has allocated ₹1,049 crore to provide assistance to industries entering the state in this sector.
The budget also emphasizes the development of a manufacturing hub for the space sector. Gujarat has been actively promoting the space industry and aims to become a major player in the sector. The manufacturing hub will attract investments and create employment opportunities in the space sector, contributing to the overall growth of the state’s economy.
These initiatives reflect the government’s commitment to fostering innovation, technology, and skill development in Gujarat. By focusing on sectors such as fintech, semiconductors, and space, the government aims to create a conducive environment for businesses to thrive and contribute to the state’s economic growth.
It is worth noting that Gujarat has been a frontrunner in attracting investments and promoting industrial development. The state’s strategic location, robust infrastructure, and business-friendly policies have made it an attractive destination for both domestic and international companies. The government’s continued efforts to develop key sectors and provide necessary support to industries further strengthen Gujarat’s position as a preferred investment destination.
The budget allocation for these infrastructure development projects demonstrates the government’s vision for the future and its commitment to creating a conducive environment for economic growth. By investing in sectors with high growth potential, Gujarat aims to position itself as a hub for innovation, technology, and manufacturing, thereby attracting more investments and generating employment opportunities for its citizens.
Through the new Space Tech policy, ₹60 crore has been set aside to establish design, manufacturing, and testing facilities for payload satellites, thereby attracting the ecosystem of space manufacturing companies.
The government has made the decision to increase the shipbreaking yard at Alang’s recycling capacity by double, from the current level of 4.5 million Light Displacement Tonnage (LDT) to 9 million LDT, in the logistics industry. ₹100 crore will be allocated to the development of the Gatishakti Cargo Terminal in Rafaleshwar and the port of Juna Bedi in order to lower logistical costs.
Under the textile policy, the government has set aside ₹1,600 crore for the promotion of the textile industries. Comparably, ₹1,550 crore has been allocated for MSMEs’ development, and ₹1,145 crore more has been set aside for large industries. The government also suggested creating a single emergency number, 112, so that residents could access police, fire, and other emergency services via a centralized system. When calling this number, residents should anticipate receiving emergency assistance in urban areas in 10 minutes and in rural areas in 30 minutes.
Ayodhya will see the construction of a ₹50 crore Gujarat Yatri Niwas, according to the government. About 52,000 vehicle owners will receive a tax relief of Rs 700 crore as a result of this decision to encourage owners to part with their old vehicles. For nine lakh members of registered cooperative credit societies who wish to borrow up to ₹50,000, the government has also decided to waive stamp duty, which amounts to about ₹54 crore.
In conclusion, the Gujarat government’s budget for the financial year 2024–25 focuses on infrastructure development, with provisions for a fintech hub, a semiconductor school, and a manufacturing hub for the space sector. These initiatives aim to boost economic growth, attract investments, and create employment opportunities in the state. By prioritizing key sectors and providing the necessary support, the government aims to position Gujarat as a leading destination for innovation and industrial development.