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 or LGD sector. Members of the Gem & Jewellery Export Promotion Council or GJEPC and officials from the Ministry of Commerce and Industry were present at the meeting on LGDs in New Delhi on 1st November that was chaired by the Commerce Minister.

Shri Goyal appreciated Gujarat’s 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.

The Gujarat Government has also considered ‘Industrial Machinery & Equipment’ and ‘Electrical Machinery & Equipment’ as thrust sectors, the benefits of which maybe availed by the LGD reactor manufacturers. A basket of incentives has been offered, including concessions in power cost, interest cost and tax, R&D support to develop indigenous technologies for LGDs, skill development support to encourage skill upgradation for existing workforce etc.

In a bid to reduce electricity tariff, 35% of the charges paid to distribution licences for LT/HT service lines up to Rs 5 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 Rs 1,800 per month, whichever is lesser, for a period of 10 years. 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 Rs 50 lakh, including patented technology acquired from foreign company.

For market development, assistance to MSMEs to attend national and international exhibitions is being provided. Rent assistance to the tune of 65% up to Rs 1 lakh per annum for 3 years is also being offered. The Government is also striving to support R&D for industrial associations as well as individual enterprises and skill development through financial assistance.

The above image features from left to right Santosh Tripathi, ASO; L. Satya Srinivas, AS; Manish Jiwani, Convener MSME; Shri Piyush Goyal Minister of Commerce & Industry, Manish Patwa, and Vipul Bansal, JS, DoC along with GJEPC Secretariat staff at the meeting to discuss LGDs. 

News and image courtesy to gjepc.org.