{"id":17980,"date":"2022-11-02T12:51:15","date_gmt":"2022-11-02T07:21:15","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=17980"},"modified":"2022-11-02T12:51:29","modified_gmt":"2022-11-02T07:21:29","slug":"commerce-minister-shri-piyush-goyal-lauds-gujarat-govt-for-spearheading-initiatives-to-promote-lgd-sector","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/commerce-minister-shri-piyush-goyal-lauds-gujarat-govt-for-spearheading-initiatives-to-promote-lgd-sector\/","title":{"rendered":"Commerce Minister Shri Piyush Goyal Lauds Gujarat Govt. For Spearheading Initiatives To Promote LGD Sector"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Shri Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, appreciated the Gujarat Government for spearheading several wide-ranging initiatives to promote the Lab-Grown Diamond (LGD) sector. Members of the Gem &amp; Jewellery Export Promotion Council (GJEPC) and officials from the Ministry of Commerce and Industry were present at the meeting on LGDs in New Delhi on 1<sup>st<\/sup> November that was chaired by the Commerce Minister.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shri Goyal appreciated Gujarat\u2019s bid to support the LGD sector by offering 100% exemption on electricity duty for 5 years under the provisions of the Electricity Act. Shri Goyal commended the Gujarat Government for recognising LGDs as a thrust sector under the Aatmanirbhar Gujarat Schemes for Assistance to Industries 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Gujarat Government has also considered \u2018Industrial Machinery &amp; Equipment\u2019 and \u2018Electrical Machinery &amp; Equipment\u2019 as thrust sectors, the benefits of which maybe availed by the LGD reactor manufacturers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A basket of incentives has been offered, including concessions in power cost, interest cost and tax, R&amp;D support to develop indigenous technologies for LGDs, skill development support to encourage skill upgradation for existing workforce etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a bid to reduce electricity tariff, 35% of the charges paid to distribution licences for LT\/HT service lines up to \u20b95 lakh can also be availed by industrial units. Another incentive offered is the 100% reimbursement of employer contribution of EPF up to 12% of basic pay or up to \u20b91,800 per month, whichever is lesser, for a period of 10 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest subsidy and net SGST reimbursement up to 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, up to \u20b950 lakh, including patented technology acquired from foreign company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For market development, assistance to MSMEs to attend national and international exhibitions is being provided. Rent assistance to the tune of 65% up to \u20b91 lakh per annum for 3 years is also being offered. The Government is also striving to support R&amp;D for industrial associations as well as individual enterprises and skill development through financial assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shri Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, appreciated the Gujarat Government for spearheading several wide-ranging initiatives to promote the Lab-Grown Diamond (LGD) sector. Members of the Gem &amp; Jewellery Export Promotion Council (GJEPC) and officials from the Ministry of Commerce and Industry were present&hellip;<\/p>\n","protected":false},"author":1,"featured_media":17981,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-17980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commerce Minister Shri Piyush Goyal Lauds Gujarat Govt. 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