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1、Discovering Gujarats Investment Potential:Policies,Hubs,and Industry BaseForeign Investment Climate in GujaratMajor Industries and Preferential Policies for Foreign InvestmentSpotlight on GIFT City Indias International Financial Services CenterPg 04Pg 13Pg 20Issue 53 April 2023|www.india-From Dezan
2、Shira&Associates IndIa BrIefIng Issue 53 April 20232IntroductionCreditsPublisher-Asia Briefing Media Ltd.Lead Editor-Melissa CyrillContributors-Krishan Aggarwal,Divyansh Shrivastava,Nidhi Mittal,Koushan DasDesigner-Aparajita ZadooGujarat,located in western India,is a favored destination for foreign
3、investors due to its pro-business environment,strategic location,diverse manufacturing base,education ecosystem,and sector-specific policies.Between October 2019 and June 2022,the state attracted foreign direct investment(FDI)exceeding US$30 billion,indicating its strong appeal to investors.The stat
4、e government is committed to enhancing its infrastructure and logistics connectivity to facilitate greater public and private sector investments.Additionally,new industry clusters and investment zones has made Gujarat a highly competitive base for large-scale enterprises and export-oriented manufact
5、uring.Gujarat also supports MSME enterprises through incentives and by promoting upstream business opportunities.Its industrial policies are frequently updated to incentivize emerging sectors and foster research and development capabilities.It is no surprise that Gujarat hosts more than 300 Fortune
6、500 companies.In this edition of India Briefing Magazine,we will discuss the key drivers of foreign investment in Gujarat,major sectors promoted in the state,and the preferential industrial policies that support them.Finally,we will spotlight GIFT City,Indias first international financial services c
7、enter(IFSC).As a company with extensive experience in assisting foreign enterprises in setting up operations in Asia,Dezan Shira&Associates has offices across India and can help your company enter the Indian market.For more information,please contact us at .With kind regards,Rohit KapurROHIT KAPURMa
8、naging DirectorDezan Shira&AssociatesNew Delhi Owww.india-www.vietnam-www.asiainvestmentresearch.orgwww.china-www.russia- IndIa BrIefIng Issue 53 April 20233Asia Briefing Ltd.Unit 507,5/F,Chinachem Golden Plaza,77 Mody Road,Tsim Sha Tsui East Kowloon,Hong Kong.Annual SubscriptionIndia Briefing Magaz
9、ine is published four times a year.To subscribe,please visit please explore the clickable resources below.Discovering Gujarats Investment Potential:Policies,Hubs,and Industry Base ContentsForeign Investment Climate in GujaratPg 04Major Industries and Preferential Policies for Foreign InvestmentPg 13
10、Spotlight on GIFT City Indias International Financial Services CenterPg 20ReferenceIndia Briefing and related titles are produced by Asia Briefing Ltd.,a wholly owned subsidiary of Dezan Shira Group.Content is provided by Dezan Shira&Associates.No liability may be accepted for any of the contents of
11、 this publication.Readers are strongly advised to seek professional advice when actively looking to implement suggestions made within this publication.For queries regarding the content of this magazine,please contact:All materials and contents 2023 Asia Briefing Ltd.Like India Briefing on FacebookFo
12、llow India Briefing on TwitterConnect with Dezan Shira&Associates on LinkedinView Dezan Shira&Associates on Youtube Follow UsScan the QR code to follow us on WeChat and gain access to the latest investor news and resourcesConnect with us for the latest news,events and insights across Asia.Legal,Tax,
13、Accounting Newswww.india- and W S Advisory and C IndIa BrIefIng Issue 53 April 20234Foreign Investment Climate in GujaratGujarats strategic location on the western coast of India is not its only value proposition for foreign investors.The states business-friendly socio-cultural environment,a diversi
14、fied industrial ecosystem,strong talent base,updated government policies,and modern infrastructure contribute to its appeal.Investment appeal Gujarat is a manufacturing powerhouse across Gujarat is a frontier state for foreign investment and industrial output in India.Besides strong traditional sect
15、ors like logistics,petrochemicals,and automotive,the state has a forward-looking attitude reflected in the scale of its infrastructure plans,industrial clusters,consistent support for production and innovation,and optimized business environment.Chapter 1diverse sectors,including automotive and auto
16、components,chemicals and petrochemicals,drugs and pharmaceuticals,cement,textiles,engineering,gems and jewelry,and ceramics.According to the Department for Promotion of Industry and Internal Trade(DPIIT),Gujarat received a significant foreign direct investment(FDI)inflow of US$3.2 billion in the Apr
17、il-June 2022 period and recorded a whopping US$30.38 billion between October 2019 and June 2022.Melissa CyrillAuthorGujarat:A Conducive Business EcosystemPolitical stabilityReliable power availabilityMSME supply chainEase of connectivityDynamic talent poolDigitization of governancePositive business
18、climate perceptionRobust infrastructurePublic-private-partnerships IndIa BrIefIng Issue 53 April 20235FDI inflows into Gujarat during the first three quarters of FY 2022-23 more than doubled to INR 323.49 billion(approx.US$3.94 billion)compared to INR 153.21 billion(approx.US$1.866 billion)in the co
19、rresponding quarters of the previous fiscal.Further,an MSME Export Promotion Council study showed that the Gujarat private sector planned projects worth INR 466.71 billion(approx.US$5.68 billion)between FY 2019 and FY 2022,and the state received INR 201.71 billion(approx.US$2.45 billion)in FDI durin
20、g this period.These impressive figures can be attributed to the Gujarat government,which has launched more than 20 sector-specific policies to enhance industrial capacity,build supply chains,and promote research and development(R&D).Over 300 Fortune 500 companies call Gujarat their home,with five st
21、ate-run enterprises GSPL,GSFC,GNFC,GACL,and GMDC featured among them.This showcases the Gujarat governments competence in corporate governance and its ability to generate high returns on capital,which is evident in its support for industry and infrastructure development.Key state infrastructureGujar
22、at possesses world-class infrastructure,including a vast network of connectivity and utilities that extend to the last mile.Some of the features of Gujarats infrastructure that make it an attractive location for foreign investment are:A total of 157,470 km(97,847 miles)of roads,which includes nation
23、al highways,state highways,and district roads.As a power-surplus state,Gujarat can provide round-the-clock,three-phase,uninterrupted,high-quality power with more than 30 GW of installed power generation capacity,ensuring 24x7 uninterrupted supply.A total of 49 ports,including 1 major port and 48 non
24、-major ports.17 operational airports and airstrips,including 2 international airports.2600 km state-wide Integrated Gas Grid.Several mega infrastructure projects around notified investment regions.Handholding for foreign investorsThe Gujarat Single Window Clearance Act 2017 was passed by the Governm
25、ent of Gujarat to simplify doing business in the state.The Acts primary objective is to accelerate the process of issuing licenses,clearances,and certificates necessary for establishing a business while fostering an investor-friendly environment in the state.This Act has improved transparency,enable
26、d online applications,and strengthened the monitoring of applications via iNDEXTb and the IFP.iNDEXTbTo expedite industrial development and promote socio-economic growth in the state,the Gujarat government established the Industrial Extension Bureau(iNDEXTb)as an investment promotion agency.iNDEXTb
27、aims to facilitate,handhold,and address investor grievances while acting as a repository of information for potential investors.The Bureau provides proactive support to both new and existing investors and acts as an intermediary between investors and the government to establish industrial ventures.A
28、s a single point of contact,iNDEXTb serves as a centralized agency for investors seeking opportunities in Gujarat.Investment Facilitation Agency(IFA)The Investor Facilitation Agency(IFA)is a physical body established at the Gujarat states Industries IndIa BrIefIng Issue 53 April 20236Commissionerate
29、 office,with the following objectives:To guide and assist entrepreneurs in setting up industries in the state.To provide necessary assistance in policy formulation for industrial progress.To offer secretarial support to the State Level Facilitation Committee,Single Window Facilitation Committee,or D
30、istrict Level Facilitation Committee,as required.To collaborate with various State Government departments for investor applications,integrate websites with the Investor Facilitation Portal,and provide support for its smooth functioning.Gujarat ProfileAhmedabadMundraSuratGDPINR 18.9 trillion(US$237 b
31、illion)(2021-22);INR 22.62 trillion(US$283 billion)(2022-23 estimate)GDP growth rate17.4%(2021-22),15.5%(2022-23 estimate)GDP by sectorAgriculture-20%,Industry-43%,Services-37%(2020-21)GDP per capitaINR 252,000(US$3156)(2022-23)ExportsUS$126.8 billion(2021-22)GDP state rank3rdGIFT CityGandhinagar(Ca
32、pital)To address investor grievances concerning approvals,incentives,land-related issues,technical issues,and other matters in accordance with prescribed procedures.Investor Facilitation PortalThe Investor Facilitation Portal(IFP),managed by the IFA,is an online platform that serves as the primary p
33、oint of contact for potential investors in the state.It provides a single window for all necessary services,including online form filling,payments,and downloading certificates and licenses.The IFP also features a grievance redressal mechanism.IndIa BrIefIng Issue 53 April 20237All the applications a
34、cross various departments are available online on the IFP portal.These include:Pre-requisite clearances(Land allotment,NA Permission,Registration of Partnership firm and Registration of Co-operative Societies)Pre-establishment approvals Renewals IncentivesWhere to locate your investment Gujarat offe
35、rs investors an advanced industrial ecosystem,investment hubs like industrial corridors and special economic zones,and sophisticated port infrastructure.In the following sections,we spotlight key initiatives for business promotion and industrial activity in the state.Foreign entities must gauge thei
36、r relevance to the enterprise business strategy,and in the context of overall support provided and operation costs.Mega infrastructure projects to connect investment-friendly zonesThe government of Gujarat has planned for several mega infrastructure projects connecting and upgrading areas that have
37、been notified as major investment regions.Below is a quick profile of some of the mega projects.Delhi-Mumbai Industrial Corridor(DMIC):Among the largest infrastructure projects in the world,the DMIC,is a high-tech industrial zone planned across six states and covering the 1,500 km long Western Dedic
38、ated Freight Corridor(DFC).The project has an estimated investment of US$90 billion(around INR 6.4 trillion)by the Government of Streamlined Business Administration in Gujarat via the Investor Facilitation Portal The Investor Facilitation Portal(IFP)provides prospective investors,corporate entities,
39、and foreign enterprises with relevant information on investment,approval procedures,and license tracking capabilities.Key functions and information available on the IFP are as follows:1.Comprehensive list of pre-establishment and pre-operation approvals required to set up a business.2.Know Your Appr
40、ovals section that allows investors to view a customized list of approvals required for establishing a business in Gujarat State.3.A single login ID that enables a company/entrepreneur to create/add multiple projects.4.The Digi locker feature,which allows for the uploading of common documents.5.A Co
41、mmon Application Form that requires the submission of common information,such as the applicants name,project details,and address,as well as common documents that only need to be provided once.6.An online platform,which enables the filling of all required forms,including an integrated payment gateway
42、.7.Certificates and licenses are available online to view and download.8.A dashboard that displays all applications and their corresponding status.9.Each investor is provided a unique account for all communications across departments via the IFP.10.A robust grievance redressal mechanism that can be
43、used to resolve investor complaints.11.A helpline number to address all investor inquiries.IndIa BrIefIng Issue 53 April 20238India,with approximately 36 percent of the corridor passing through Gujarat.Additionally,the state is home to six of the 24 industrial nodes identified across the DMIC,includ
44、ing the Ahmedabad-Dholera Investment Region,Vadodara-Ankleshwar Industrial Area,Palanpur-Mehsana Industrial Area,Bharuch-Dahej PCPIR and Investment Region,Surat-Hazira Industrial Area,and Valsad-Umbergaon Industrial Area.The DMIC&DFC influence zone will witness development of greenfield ports,augmen
45、tation of existing industrial estates,establishment of sector-specific manufacturing and services hubs,and investment in power projects.Dholera Special Investment Region(D-SIR):D-SIR is Indias largest greenfield industrial investment region,spanning over 920 sq.km.It will have smart and sustainable
46、infrastructure,including transportation,water,power,wastewater,drainage,and urban design.The focus sectors in D-SIR include heavy engineering,automobiles and auto ancillary,defense,electronics,hi-tech technologies,agri and food processing,and infrastructure.The region will also feature the worlds la
47、rgest solar park of 5 GW.D-SIR will be connected to Ahmedabad by a six-lane access-controlled expressway and Metro Rail Transit System(MRTS)in one common corridor,providing seamless connectivity.An international airport is being developed at Dholera SIR for swift international and domestic connectiv
48、ity.Mandal Becharaji Special Investment Region(MBSIR):MBSIR is emerging as the worlds largest auto-hub and a hotbed for Japanese automobile and auto component manufacturing industries.Companies like Suzuki Motor Corp.,Honda Motorcycles,Scooter India Pvt.Ltd,and Toyota Tsusho India have already estab
49、lished their units in the region.Located around 90 km from Ahmedabad,MBSIR is well connected to leading ports,airports,railroads,and National Highway(NH)roads.Mumbai-Ahmedabad High-Speed Rail:Indias first high-speed rail project connecting two mega-cities Ahmedabad and Mumbai is being developed with
50、 an investment of over INR 800 billion(US$11.23 billion)in association with Japan International Cooperation Agency(JICA).Petroleum,Chemicals,and Petrochemicals Investment Region(PCPIR):Located at Dahej,South Gujarat,PCPIR is Indias first specially delineated investment region of 453 sq.km.for manufa
51、cturing of petroleum products,chemicals,and petrochemicals.Better regional connectivity through the DFC,DMIC,and the expressway connecting Baroda to Mumbai,will boost prospects for investors at the PCPIR.Further,three new LNG terminals and a greenfield airport have also been planned in/around the PC
52、PIR.Gujarat International Financial Tech(GIFT)City:GIFT City is Indias 1st operational smart city and International Financial Service Centre(IFSC),with world-class infrastructure for offshore and international transactions in banking,insurance,and capital markets.It is a vertical city with integrate
53、d development on 886 acres of land,with 62 million sq.ft.(5.5 million sq.mts.)of built-up area.GIFT City is also home to Indias first international exchange -India INX.The GIFT City has already attracted several international financial institutions.Diamond Research and Mercantile(DREAM)City:It is a
54、smart city under development near Surat,known as the diamond capital of India.The city aims to boost diamond trading from Gujarat and is estimated to cost INR 240 billion(around US$350 million).Spread over 2,000 acres,DREAM City will feature an International Diamond Trading Hub and a Diamond Bourse.
55、IndIa BrIefIng Issue 53 April 20239Setting up in a notified investment region in Gujarat allows the enterprise to access the following:Take advantage of a business-friendly environment,whether it contains established infrastructure or is a greenfield investment area.Access to skilled human resources
56、 and incentives for hiring from within the state.Abundance of natural resources to make production inputs cost competitive.Large consumer market.Easy connectivity by road,air,rail,and sea to reduce logistics costs.Presence of micro,small,and medium-sized enterprises(MSMEs)to enable building a networ
57、k of local supply chains.Existing social infrastructure to create a positive environment for labor and factory sites.Urban development to ensure higher quality of life.Industrial parksIntegrated industrial parks in Gujarat are self-contained islands that provide high-quality infrastructural faciliti
58、es,offering developed plots and pre-built factories for industrial,residential,Where to Set Up in Gujarat:Key Areas DholeraVadodaraBharuchSuratValsadAhmedabad Investment RegionDahej PCPIRNavsariKandlaAhmedabad-SurendranagarUmergam Industrial AreaMundraPalanpurAnkleshwar Industrial AreaGandhidham-Sam
59、akhialiHazira Industrial AreaMehsana Industrial AreaPalanpur-MehsanaBharuch-DahejSurat-HaziraAhmedabadDMIC alignmentDMIC influence areaIndustrial nodes and citiesInvestment regionsIndustrial areaProposed logistics parksGAIN THE EDGE IN YOUR NEXT MARKET ENTRY WITH TAILORED LOCATION SELECTION SERVICES
60、Business intelligence is a critical component of the decision making process when considering where and how an investment into Asia should be made.Our pan-India team can help your business with its strategic direction.To arrange a consultation,please contact us at or visit our website at .EXPLORE MO
61、RE IndIa BrIefIng Issue 53 April 202310Industrial Parks in Gujarat:Key BenefitsStakeholderBenefitsUsers The centralized availability of high-quality infrastructure benefits end-user industries by reducing transaction costs and shortening start-up time.Economies of scale can be achieved in land and i
62、nfrastructure development,including shared facilities.State Macroeconomic benefits such as increased industrial development and growth of hinterlands,among others.Geographical spread of industrial development,including in backward areas.Fulfillment of the states social objectives,such as generating
63、employment and creating social infrastructure.Revenue generation for the government through taxes and duties.Developer/operator Commercial returns received by the park developer,operator,and utility provider.and commercial areas,as well as power,telecom,water,and other essential social infrastructur
64、e.The following infrastructure facilities are developed in industrial parks:Developed land/plot Water distribution Sewerage collection and treatment Internal roads Electricity Communication network Effluent treatment and disposal facilities for treated effluents Any other service required Private in
65、dustrial parks cater to all of Gujarats prime industries chemicals and petrochemicals,textiles and garments,engineering and auto,pharmaceuticals and biotechnology,IT and electronics,mines and minerals,and gems and jewelry.Industrial estatesThe Gujarat Infrastructure Development Board oversees 202 in
66、dustrial estates.The details of the land acquired,developed,and allotted in various districts/estates of the state is available online.Major industrial estates in Gujarat are in the following areas:Vapi,Panoli,Ankleshwar,Dahej,Jhagadia,Vilayat,Sachin,Pandesara,Naroda,Vatwa,PCC,Halol,Makarpura,Savli,
67、Gandhinagar,Vaghodia,Porbandar,V.U.Nagar,Umbergaon,Lodhika,and Jamnagar-II.Special economic zones in GujaratGujarat is home to numerous special economic zones(SEZs)located in major cities.These SEZs are designed as specific enclaves with relaxed duties and fiscal incentives to promote the export of
68、goods and services,expand economic activity,and facilitate increased investments.SEZs benefit from a streamlined clearance process and self-certification-based compliance procedures.Exports and industry-specific special economic zonesWith a contribution of over 20 percent to Indias net export share,
69、Gujarat has begun setting up industry-specific SEZs that will encourage export-oriented manufacturing in key industries,including pharmaceuticals,chemicals,jewelry,gems,and ceramics.IndIa BrIefIng Issue 53 April 202311Notified and Functional Special Economic Zones in GujaratS.No.DeveloperLocationSec
70、torDistrict1.Zydus Infrastructure Pvt.Ltd.Chacharwadi-Vasna,Sari,MatodaPharmaceuticalAhmedabad2.Ahmedabad Apparel Park(Gujarat Industrial Development Corporation)AhmedabadApparelAhmedabad3.Ganesh Infrastructure Pvt.Ltd.Tragad and ChharodiIT/ITeSAhmedabad4.E Complex Private Ltd.Rampara and LunsapurEn
71、gineeringAmreli5.DAHEJ SEZ Dahej SEZ LimitedDahej,Ambheta,Luvara,Suva,Lakhigam,JageshwarMulti-productBharuch6.Sterling SEZ Infrastructure pvt LtdValipor and SarodMulti-productBharuch7.Jubilant Infrastructure LtdVilayatChemicalsBharuch8.Electronic SEZ Gujarat Industrial Development CorporationGandhin
72、agarElectronicsGandhinagar9.Aqualine Properties Private Limited(K.Raheja)KobaIT/ITeSGandhinagar10.Tata Consultancy Services LtdNear Infocity GandhinagarIT/ITeSGandhinagar11.GIFT SEZ Limited International Finance Tec-City Company LtdRatanpur and Phirojpur,GandhinagarMulti-servicesGandhinagar12.Relian
73、ce Infrastructure Ltd.Kanalus,Navagam,Kanachhikri,Derachhikri,and PadanaMulti-productJamnagar13.KANDLA SEZ Office of Development CommissionerGandhidham,KutchMulti-productKutch14.Adani Port and Special Economic Zone Limited(Formerly MPSEZ)MundraMulti-productKutch15.Euro Multivision LtdShikaraNon-conv
74、entional energy,including solar energy equipment,cellsKutch16.SURSEZ Diamond&Gem Dev.CorporationSachinMulti-productSurat17.Surat Apparel Park Gujarat Industrial Dev.CorpnVanjApparelSurat18.Aspen Infrastructure SEZ LimitedAlwa and PipaliaEngineeringVadodara19.Larsen&Toubro LtdAnkholIT/ITeSVadodara20.
75、Calica Construction&Impex Private LtdOganaj,AhmedabadIT/ITeSAhmedabadSource:Industries Commissionerate,Government of Gujarat IndIa BrIefIng Issue 53 April 202312Port Infrastructure in GujaratMajor portDirect berthing captive terminalLighterage commercial portsPrivate sector portGujarat Maritime Boar
76、d(GMB)portDirect berthing commercial portKandlaGujaratMundraJakhauKoteswarNavlakhiJamnagarOkhaSikkaHaziraMagdallaPipavavJafrabadMithivirdiMaroliSimarMuldwarkaVeravalSutrapadaVansi BorsiKhambatPorbandarDahejBhavnagarDholeraCase Study:Manufacturing Feasibility Study A client specializing in electronic
77、 component manufacturing considered moving its manufacturing operations from China to India for cost reduction,risk mitigation,and diversification.The client(Company)shortlisted several states in India,including Gujarat,Maharashtra,Tamil Nadu,Uttar Pradesh,and Karnataka.Dezan Shira&Associates provid
78、ed consultancy services for this project.ApproachDezan Shira&Associates(DSA)worked closely with the the Company to identify and review key aspects of shortlisted states in India,including political climate,economic environment,regulations and environment standards,cities/districts for manufacturing,
79、general operating costs,labor review,logistics quality,tax and tariff review,and incentives policies.DSA conducted research by leveraging its database and requesting information from industrial zones,investors,state investment promotion agencies,and in-house legal and tax experts to provide a holist
80、ic picture of each potential state.Standardizing data and information on the states of interest were key challenges that DSA faced during the study.ResultManufacturing Feasibility Report that recommended top state(s)that were optimal for the Companys operations.IndIa BrIefIng Issue 53 April 202313Ma
81、jor Industries and Preferential Policies for Foreign InvestmentGujarat is Indias most urbanized and industrialized state,accounting for almost 8 percent of the national gross domestic product(GDP)despite having only 6 percent of the countrys geographical area and 5 percent of its population.The gros
82、s state domestic product(GSDP)of Gujarat in FY 2022-23 at current prices is estimated at INR 22.03 trillion(approx.US$288.73 billion),showing a year-on-year increase of 13.3 percent.Gujarat contributes significantly to Indias industrial output and dominates the countrys exports,accounting for over 2
83、0 percent of the total.Among key enabling infrastructure are its network of ports,which collectively handle more than 40 percent of Indias cargo.In this chapter,we discuss the major industries in the state,note the cluster-led development of smaller industries that have helped build up the domestic
84、supply chain,and list some of the prevailing preferential policies to promote industrial investment.Gujarat is among Indias most advanced manufacturing bases and benefits from regularly updated industrial policies,export promotion schemes,incentives for foreign investments,and the presence of severa
85、l well-connected industrial clusters.Multinational enterprises seeking to diversify their supply chains can tap into key clusters in this state.Chapter 2Key industriesGujarats economy is dominated by 13 major industry groups.These account for over 82 percent of the states total factories,about 96 pe
86、rcent of total fixed capital investment,90 percent of the value of output,and over 93 percent of value addition.These are agro and food processing,dairy,chemicals and petrochemicals,textile and apparel,engineering and auto,gems and jewelry,oil and gas,pharmaceuticals and biotechnology,IT,minerals,po
87、rts,power,and toursim.Gujarat clocked INR 8.37 trillion(US$101.33 billion)in exports during the financial year 2021-22 till February,a massive improvement over the previous years INR 4.48 trillion(US$54.24 billion),per data from the Director General of Commercial Intelligence and Statistics.Accordin
88、g to the Director General of Foreign Trade(DGFT),the commodities bringing in the highest export earnings for Gujarat are petroleum,diamond,Melissa CyrillAuthor IndIa BrIefIng Issue 53 April 202314ceramics,cotton yarn,vegetable fats,textiles,oil seeds,machinery,engineering products,and brass parts.Fo
89、od processingGujarat has over 30,000 food processing units,45 dairy plants,and 560 cold storage facilities and fish processing units.During FY 2020,the state produced 20.343 million liters of milk daily.Gujarat has eight sub agro-climatic zones and 20 agri-export zones.IT/BPMGujarat accounts for 16
90、percent of investments made in the information technology(IT)and IT-enabled services(ITeS)sector in India.There are over 5000 small,medium,and large enterprises catering to the information and communications technology(ICT)sector.IT clusters in Gujarat are spread across the cities of Ahmedabad,Gandh
91、inagar,Vadodara,and Surat.The sector benefits from multiple policies,such as the Gujarat Semiconductor Policy,2022-27 and the Gujarat IT/ITeS Policy,2022-27.The Gujarat government seeks an eight-fold increase in its export target of INR 250 billion(US$3.28 billion),from the existing INR 31 billion(U
92、S$401 million),over the next five years(2022-27)and hopes to create over 100,000 direct jobs under the IT/ITeS Policy.Automobiles and auto components industryGujarat contributes 9 percent to Indias total output of transport equipment manufacturing.The state has set up auto clusters in Ahmedabad-Sana
93、nd,Mandal Becharaji,Hansalpur-Vithalpur,Vadodara-Halol,and Rajkot.Gujarat has a strong heavy and light engineering sector that supports the local auto production base.Major automakers with plants in Gujarat are Maruti Suzuki,Tata Motors,MG Motors,Honda Motorcycles and Scooters India(HMSI),and Hero M
94、otoCorp.The Sanand-Mandal-Becharji Investment Region hosts a Japanese industrial zone.Tata Motors completed its acquisition of the Ford Gujarat plant(at Sanand)in January this year.The deal was announced last year,in August 2022,after the US carmaker exited the Indian market.Tata Motors plans to inv
95、est US$2 billion in the Indian electric vehicle(EV)business and roll out a portfolio of 10 models by 2025.Gujarat offers plug-and-play infrastructure for automobile and ancillary companies.The state has clusters for automobile production,castings and machine tools,brass parts,engines,electric motors
96、,bearings,and auto-ancillaries.The states port access makes operational logistics and export-bound production cost-competitive.Chemicals,pharmaceuticals,and petrochemicals industriesGujarat is the leading pharmaceutical manufacturing hub in India,and accounts for 33 percent of sector turnover and 28
97、 percent of Indias pharma exports.The state has more than 3500 licensed private players,and is also a major biotech destination.Gujarat has 130 USFDA-certified drug manufacturing plants.The cities of Ahmedabad and Vadodara are the top destinations for pharma facilities in the state.The minimal capit
98、al requirement for building a pharmaceutical plant in Gujarat is INR 100 million(approx.US$1.22 million).Gujarat also has a mature industrial ecosystem in place with ancillary and associated industries like packaging,chemicals,engineering,and pharma plant machinery manufacturing.This has resulted in
99、 the growth of a skilled talent base to serve the states pharmaceutical sector.Gujarat is responsible for 62 percent of the total petrochemical production and 35 percent of the total IndIa BrIefIng Issue 53 April 202315chemical production in India.In marine production,Gujarat accounts for 70 percent
100、 salt production in India,20 percent caustic soda,and 90 percent soda ash.To further enhance Gujarats industrial capacity in these areas,the state has set up a Petroleum,Chemicals,and Petrochemicals Investment Region(PCPIR)located at Dahej,Bharuch near the Gulf of Khambhat.The Gujarat PCPIR occupies
101、 452.98 sq.km land area and has key logistics advantages in terms of rail,road,sea,and air connectivity.Textiles and garmentsGujarat accounts for 37 percent of Indias total cotton output.The state has several textile clusters and houses most of the countrys weaving machinery manufacturers.Gujarat is
102、 also a key contributor in the technical textiles segments,contributing to 25 percent of Indias output in this area.Support for smaller enterprisesSmall and medium enterprises in Gujarat have been developed through various industrial clusters.The state has identified 83 industrial clusters for diffe
103、rent industry groups,developed at various locations.Adopting a cluster-based approach to development has improved the cost competitiveness of the industries through the creation of common facilities,the development of market centers and brand names,and the promotion of skills.Under the initiative of
104、 the state government,the clusters have access to technology upgrades,common facility centers,skill development facilities,institutional R&D assistance,and presence of industry associations.Besides,Gujarat has over 3.5 million micro,small,and medium-sized enterprises(MSMEs),who play a significant ro
105、le in its industrial growth.MSME units act as essential components of the states supply chain by serving as ancillary units to larger industries.Gujarat hosts numerous MSME multi-product clusters and as a result,the number of MSMEs grew by 60 percent from 2015 to 2020,according to the states investm
106、ent promotion organization,iNDEXTb.Various schemes are in place to incentivize MSME industrial investment and enterprise growth in Gujarat in focus sectors besides under most major policies like the 2020-25 Industrial Policy.Preferential policiesGujarat offers a range of sector-specific and general
107、preferential policies aimed at promoting industrial investments,manufacturing,export-oriented production,creation of local value chains,job creation,skilling,decarbonization,and ease of doing business.Each policy has a designated operational tenure,subject to updates from time to time,and disburses
108、incentives based on the scale of the enterprise MSME units,large industrial enterprises,and mega industrial enterprises as well as the entitys involvement in the development of sector infrastructure,such as industry parks,plug and play facilities,logistics,etc.The subsidies and support will be sanct
109、ioned based on the level of investment,scale of operations,employment generated,and other factors.The assistance provided by the state government will also be determined by the location of the enterprise in developed,developing,or backward districts,and whether the relevant sector or subsector is a
110、sunrise industry,core industry,or thrust sector.The incentives will include both fiscal and non-fiscal benefits,with Greenfield development generally eligible for a higher range of incentives.IndIa BrIefIng Issue 53 April 202316Some Important Industrial Clusters in GujaratType of clusterLocationType
111、 of clusterLocation1.Brass partsJamnagar15.TextilesAhmedabad,Dholka,Surat2.Castings and forgingsAhmedabad,Bhavnagar,Jamnagar,Rajkot,Vadodara,Anand16.Textile ginningAhmedabad,Manavadar3.CeramicsMorvi,Thangadh,Himatnagar,Ahmedabad17.Textile printingJetpur4.Chalk industryPorbandar18.Textile khadiWadhva
112、n5.Common saltAnjar,Gandhidham,Dasada19.Textile finishingBhuj6.DyestuffAhmedabad20.Textile syntheticSurat,Mangrol7.Data processingAhmedabad,Surat21.Jari PrintingSurat8.Diamond processingAhmedabad,Surat22.Textile PowerloomAhmedabad,Surat9.FabricationAhmedabad,Vadodara23.Readymade garmentsAhmedabad10.
113、Fish processingVeraval24.Textile storesAhmedabad,Surat,Wadhvan11.Machine toolsRajkot25.UtensilsAhmedabad,Vadodara12.Oil enginesRajkot26.Wood-basedNadiad13.Power driven pumpsAhmedabad,Mehsana27.Book publishingAhmedabad14.Re-rolling millsBhavnagarForeign investors should note that the same enterprise
114、may receive incentives across multiple preferential policies issued by the state government and/or the central and state government.For example,state government incentives are above and beyond central government policies,such as the production-linked incentive(PLI)schemes.Investors are advised to co
115、nsult with professional advisors to assess if their sector qualifies and how to access the highest extent of support available.The table at the end of this chapter provides a quick reference to the most recent preferential policies launched by the Gujarat state government.The thrust sectors indicate
116、d may provide insight into the direction of growth and industrial development in Gujarat over the next five to 10 years.Industrial policyThe 2020-25 Industrial Policy introduced by the Government of Gujarat includes progressive policies and incremental incentives aimed at IndIa BrIefIng Issue 53 Apr
117、il 202317developing 15 thrust sectors,divided into core and sunrise sectors.The core sectors include electrical machinery and equipment,industrial machinery and equipment,auto and auto components,ceramics,technical textiles,agro and food processing,pharmaceuticals and medical devices,gems and jewelr
118、y,and chemicals.The sunrise sectors comprise electric vehicles and their components,green energy projects,waste management projects,Industry 4.0 manufacturing,and 100 percent-export-oriented units irrespective of sector.Large industries setting up manufacturing operations in Gujarat are eligible for
119、 capital subsidy incentives,ranging between 4 percent to 12 percent of fixed capital investment,depending on the area or taluka category 1/2/3 and type of sector-general or thrust sector.MSMEs can access incentives in the form of capital and interest subsidies on term loans based on the taluka categ
120、ory 1/2/3(district area category).Start-ups,relocation from other countries,research and innovation,development of industrial infrastructure by private developers,etc.are also eligible for incentives.Public-private partnerships and private sector participation in infrastructure projectsGujarat has e
121、stablished itself as one of the leading destinations in India for public-private partnership(PPP)projects,creating its own set of laws and institutions within the framework established by the central government.PPPs are a collaboration between state-supported and private sector enterprises aimed at
122、efficiently utilizing incoming foreign investment.Infrastructure has long been a vital missing link in the Indian growth story.Accordingly,the Gujarat government has examined demand-supply gaps in the state and assessed shelf life of projects to greenlight PPP projects across a range of infrastructu
123、re sectors,such as energy,SIRs,SEZs,logistics and industrial parks,transport,urban infrastructure,water supply,IT infrastructure,agricultural infrastructure,social and commercial infrastructure,and the environment.The Gujarat Infrastructure Development Board(GIDB)oversees PPP projects and provides a
124、“relatively high standard of expertise and judgement”per a City of London review in 2018.As per the Government of India database,as of December 6,2019,the state of Gujarat accounted for 558 PPP and private sector infrastructure projects across a range of sectors.These included 249 energy projects,25
125、 social and commercial projects,195 transport projects,and 86 water sanitation projects.Promotion of exportsThe key to enhancing a states export sector is to have robust trade support systems and prioritize a constructive business environment.As per the Gujarat Industrial Policy,2020,the state gover
126、nment will continue to promote exports by facilitating exporters and export-oriented units.Gujarat has excellent connectivity links,including direct international flights to cities across Europe,the Middle East,Asia-Pacific,and the Americas.It also boasts a 1600km coastline with 42 ports connecting
127、major sea-based trade routes and international trade centers in the Middle East,Western Europe,Asia,and upcoming destinations in Africa.Furthermore,inter-state linkages to Gujarat by road,air,and rail are well-developed,making it a gateway for landlocked states.IndIa BrIefIng Issue 53 April 202318Ac
128、cording to the second edition of the Export Preparedness Index(EPI)2021 by NITI Aayog,a Government of India think tank,Gujarat maintained its top position among the top 10 Indian states.Gujarat has been able to leverage its logistics infrastructure,mature industrial ecosystems,and access to global e
129、xport networks.While the top six states in India Maharashtra,Gujarat,Karnataka,Tamil Nadu,and Telangana contribute 75 percent of Indias overall exports,just three states Gujarat,Maharashtra,and Tamil Nadu had a combined shared of around 60 percent of total exports in 2020-21.The total share of Gujar
130、at for Indias exports in 2020-21 was 20.83 percent.Gujarat is the countrys leading producer of processed diamonds,accounting for 80 percent of Indias diamond exports.Its petroleum product exports amounted to US$17,972.08 million in 2020.Gujarats increased export capability saw a rise in its total fo
131、reign direct investment(FDI)flows,reaching US$21.89 billion in FY 2020-21.States that have a higher volume of exports also tend to have a higher gross state domestic product(GSDP).The Niti Aayog has noted that Gujarats estimated GSDP for fiscal year 2022 was US$259.25 billion.Key Preferential Polici
132、es for Industries in GujaratName of policyKey target sectors and thrust areas for incentives Operative period of the policyGujarat Electronics Policy,2022-28 Manufacturing of electronics products,such as telecom systems/mobiles/lT systems and hardware/consumer electronics/medical electronics/avionic
133、s/industrial electronics/defense and strategic electronics/automotive electronics/information and broadcasting equipment Manufacturing of intermediates,such as PCBs/semiconductors/chip components/lCs/components/parts etc.Electronics Manufacturing Services(EMS)Any other electronics verticals/products
134、 covered by the National Policy on Electronics(NPE)or any other Policies,as issued by the central government from time to time Operative period of the policy till March 31,2028Gujarat Sports Policy,2022-27 Sports infrastructure,sports goods and equipment manufacturing,private sector participation in
135、 sports,development of sports ecosystem professionals,para and special sports,athlete upskilling and reskilling Valid for a period of five years from date of announcementGujarat Integrated Logistics&Logistics Parks Policy,2021 Development and augmentation of logistics facilities across the state,str
136、engthening first&last mile connectivity,enhancing the support system for logistics players and ease of doing business,private sector participation for logistics capacity creation,use of technology&innovation in logistics,and efforts towards sustainability and decarbonizing in the sector Valid for a
137、five-year period or till the declaration of a revised or new policy,whichever is earlierAtmanirbhar Gujarat Scheme for Assistance to Mega Industries Stipulated subsectors in the following industries:green energy ecosystem,mobility,capital equipment,metals and minerals,textile and apparel,sustainabil
138、ity,agro processing,gems and jewelry,chemicals,and healthcare Operative period of 10 years,from October 5,2022 to October 4,2032Atmanirbhar Gujarat Scheme for Assistance to Large Industries Stipulated subsectors in the following industries:green energy ecosystem,mobility,capital equipment,metals and
139、 minerals,textile and apparel,sustainability,agro processing,gems and jewelry,and healthcare Operative period of 5 years,from October 5,2022 to October 4,2027 IndIa BrIefIng Issue 53 April 202319Key Preferential Policies for Industries in GujaratName of policyKey target sectors and thrust areas for
140、incentivesOperative period of the policyAtmanirbhar Gujarat Scheme for Assistance to MSMEs List of 23 eligible service activities,such as transport and logistics services,technical testing and analysis servicing,web hosting activities,packaging services,industrial reuse or disposal services,maintena
141、nce and repair of motor vehicles,audio visual services,motion pictures,video and television production,sound recording,and music publishing activities,among others Financial services,health services,and construction-related engineering services Operative period of 5 years,from October 5,2022 to Octo
142、ber 4,2027Gujarat Industrial Policy,2020 Stipulated subsectors in the following industries:green energy ecosystem,mobility,capital equipment,metals and minerals,textile and apparel,sustainability,agro processing,gems and jewelry,chemicals,and healthcare Valid for five years from August 7,2020Gujarat
143、 Semiconductor Policy 2022-27 Thrust areas to be aligned with the following central government schemes:Scheme for setting up of Semiconductor Fabs in India,Scheme for setting up Display Fabs in India/Scheme for setting up of Compound Semiconductors/Silicon Photonics/Sensors Fab and Semiconductor Ass
144、embly,Testing,Marking,and Packaging(ATMP)/OSAT facilities in India Beneficiaries of the IT/ITeS Policy 2022-27 may also benefit from this policy Validated on October 11,2022.Valid for a five-year period from date of notification of the policyGujarat IT/ITeS Policy,2022-27 IT software,IT-enabled serv
145、ices(ITeS),IT parks,IT city/township,data centers,R&D centers Operative period of five years,till March 31,2027 or until the declaration of a new or revised policy whichever is earlierGujarat Biotech Policy,2022-27 Manufacturing of biotechnology products and development of technologies as stipulated
146、 by the Policy and any new/emerging technology-based product or project approved by the states Technical Advisory Committee(TAC)Operative period of five years,till March 31,2027 or until the declaration of a new or revised policy whichever is earlierGujarat Solar Power Policy,2021 Solar capacity ins
147、tallation/all solar power projects residential consumer,organizational consumer,or for selling of electricity to the distribution licensee or third party Operative period till December 31,2025 The benefits and incentives provided by this policy will apply to solar power systems(SPS)that have been in
148、stalled and commissioned during the policys operative period.These benefits will be applicable for a duration of 25 years from the commissioning date or for the lifespan of the SPS,whichever comes firstGujarat State Electric Vehicle Policy,2021 Electric vehicles manufacturing,components,charging inf
149、rastructure,purchase of EVs Validated on August 5,2021 Valid for four years,starting July 1,2021 IndIa BrIefIng Issue 53 April 202320Spotlight on GIFT City Indias International Financial Services CenterFor offshore financial market investors,Indias first International Financial Services Center(IFSC)
150、has been set up at Gujarat International Financial Tec-City(GIFT City)in the Gandhinagar district.Recent changes in tax regulations include the waiver of several tax liabilities like goods and services tax(GST),dividend distribution tax,and capital gains tax for entities operating in the IFSC GIFT C
151、ity.According to tax experts,Category III alternative investment funds(AIF)setting up in IFSC GIFT City will benefit from zero tax on bond trading and zero tax on derivative trading,which is in line with offshore treaties.With various tax holidays and single window clearance to all business units an
152、d investors at the GIFT City IFSC,there is plenty on offer in terms of value proposition for the financial services sector.Near term challenges include the competition from Singapore and Dubai,upon whom the GIFT IFSC hybrid structure is modeled.The government also realizes the need for faster respon
153、ses to the evolving Indias growth story requires a robust financial sector,and the GIFT City IFSC in Gujarat offers a globally competitive financial platform for international financial services and its related sectors.The IFSC provides fiscal and operational incentives.Chapter 3financial market and
154、 is adopting a regulatory sandbox approach.Key stakeholders in GIFT City are the Gujarat Urban Development Company Limited(GUDCL),the Gujarat Industrial Development Corporation(GIDC),and the Gujarat Maritime Board(GMB).Fiscal benefits in the GIFT City IFSCIncome tax Units in the IFSC will benefit fr
155、om the below incentives:Exemption:100 percent tax exemption for 10 years out of 15 years.IFSC unit has the flexibility to select any 10 years out of a 15-year block period.Minimum tax paid:MAT(Minimum Alternate Tax)/AMT(Alternate Minimum Tax)at 9 percent of book profits applies to Company/others tha
156、t have set up as a unit in the IFSC.MAT is not applicable to companies in the IFSC that opt for the new tax regime.Melissa CyrillAuthor IndIa BrIefIng Issue 53 April 202321 Dividend paid to shareholders of company in IFSC:From 01 April 2020,dividend income distributed by Company in IFSC to be taxed
157、in the hands of the shareholder.Investors will have access to the below incentives:Interest income paid to non-residents on:(i)Money lent to IFSC units is not taxable and(ii)Long Term Bonds and Rupee Denominated Bonds listed on IFSC exchanges are taxable at a lower rate of 4 percent.Transfer of spec
158、ified securities listed on IFSC exchanges by a non-resident not treated as transfer:Gains accruing thereon is not chargeable to tax in India.Goods and services taxUnits in the IFSC should note the below measures:No GST on services that are:(i)received by a unit in the IFSC and/or(ii)provided to IFSC
159、/SEZ units,offshore clients.GST applicable on services provided to Domestic Tariff Area(DTA).Investors will not incur GST on transactions conducted in IFSC exchanges.Other taxes and dutiesUnits in the IFSC will have access to state subsidies lease rental,provident fund(PF)contribution,electricity ch
160、arges.Investors will receive exemption from Security Transaction Tax(STT),Commodity Transaction Tax(CTT),stamp duty in respect of transactions carries out on IFSC exchanges.Measures to Promote Growth in the GIFT City IFSC Under the Finance Act,20231.Modifying the definition of original fund to simpl
161、ify tax-neutral relocation of offshore funds fully owned and controlled by Abu Dhabi Investment Authority and the Government of Dubai to the IFSC.2.Exempting Alternative Investment Funds(AIFs)established in the IFSC from the angel tax on shares issued by unlisted Indian companies.3.Introducing addit
162、ional incentives for aircraft leasing in the IFSC,including exempting capital gains from the transfer of equity shares of a domestic company and increasing the dividend income of units of IFSC primarily engaged in aircraft leasing subject to the following conditions:The operation of domestic company
163、 in IFSC have commenced on or before April 1,2026;and Such capital gains arise within a period of 10 years from the year in which the domestic company in IFSC has commenced operations,or Assessment Year(AY)2034-35,whichever is later.4.Extending the tax holiday for Offshore Banking Units(OBUs)in the
164、IFSC to 100 percent for the assessment year starting from April 1,2023.5.Lowering the tax rate on dividend distributions by IFSC units to 10 percent(compared to the 20 percent rate for dividends received by non-IFSC Indian companies),potentially encouraging investments from non-residents in the IFSC
165、.6.Offering a concessional rate of withholding tax on interest income earned by non-residents from long-term or rupee-denominated bonds listed on IFSC stock exchanges.This is aimed at attracting investments in long-term or rupee-denominated bonds by non-residents in the IFSC.7.The tax benefit period
166、 for relocation of AIFs to a new location in the GIFT City-IFSC is extended until March 31,2025(earlier March 31,2023).IndIa BrIefIng Issue 53 April 202322Operational benefits in the GIFT CityExemption from currency control regulations for IFSC units:Under the SEZ Act,a unit set up in the IFSC is tr
167、eated as a non-resident.Even under the Foreign Exchange Management Act,2002(FEMA),units in the IFSC will enjoy the benefits of a non-resident under exchange control provisions.Liberalized currency control regime for Indian residents:Foreign Exchange Management(Transfer or Issue of any Foreign Securi
168、ty)Regulations,2004(ODI Regulations)restricts investment by an Indian resident into an overseas firm in the financial services sector.The central bank,Reserve Bank of India(RBI),through its Circular dated May 12,2021 permits sponsor contribution from a sponsor Indian party in an alternative investme
169、nt fund/AIF established overseas,which includes the GIFT IFSC.Location appealGIFT City is an outcome of the states planned tri-city approach and is located on the banks of the Sabarmati river between Ahmedabad and Gandhinagar.GIFT City is located 30 minutes away each from Ahmedabad,which is the stat
170、es industrial hub and a historical city,and Gandhinagar the state capital and center of policymaking.Each of the three areas GIFT City,Ahmedabad,and Gandhinagar has a distinct supportive ecosystem to facilitate business,industry,exports,international finance,and foreign investment.20 mins from Ahmed
171、abad International Airport Along National Highway 48(Delhi-Mumbai Industrial Corridor)Metro connectivity to Ahmedabad 15 mins from nearest railway station 15 mins from high-speed rail,approved by the central government(under construction)GIFT City IFSC is at par with other financial centers:Unified
172、Regulatory Authority Competitive Tax Regime Relaxed Company Law Strategic Time Zone International Arbitration CentreIndustries Benefiting from GIFT City Domestic Tariff Area(DTA)FintechAutomobilesPharmaceuticalsBioTechCapital marketBankingMaritime clusterFinanceInsuranceIT&IT-enabled servicesEnginee
173、ring IndIa BrIefIng Issue 53 April 202323Benefits of setting up a business entity at the GIFT City:Ease of doing business Single window clearance,all approvals under one umbrella allotment/planning/construction/occupancy Gujarat state exemption from stamp duty and registration charges Gujarat states
174、 provision of development incentives Plug&play infrastructure Payment schedule linked to development Comparable cost efficiency 20%reduction in operating costs and sustainable development model Gujarat IT/ITeS Policy incentives EPF reimbursement,lease rental subsidy,power subsidy,etc.Talent sourcing
175、 premier institutions in Gujarat include IIM Ahmedabad,MICA,CEPT University,GMU,Entrepreneurship Development Institute of India,National Institute of Design,NIRMA University,NIFT,Gujarat National Law University,Pandit Deendayal Energy University(PDPU),Lalbhai Dalpatbhai College of Engineering,NIPER-
176、A(National Institute of Pharmaceutical Education and Research),etc.GIFT Citys Value Proposition for InvestorsGlobal benchmarkingIntegrated developmentStrong promotersCentral business hubInternational Financial Services CentreState-of-the-art infrastructureStrategic locationEase of doing businessGand
177、hinagarAhmedabadGIFT CityGIFT CityAt or above par with other Global Financial Centres62 million sq.ft.of office,residential and social spaceGovt.of Gujarat initiative supported by Govt.of IndiaHigh-rise district with landmark buildingsInternational FinancialServices CentreNext-gen urban planning off
178、ering plug and play infrastrcutureBetween Ahmedabad&GandhinagarConducive regulatory environmentBUSINESS ADVISORY SERVICESNavigating the business and regulatory landscape in India can be challenging.Our multi-disciplinary advisory taskforce can guide you through the entire life cycle of your business
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