Initiatives to promote the LGDs applauded
Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal appreciated the Gujarat Government for spearheading several wide-ranging initiatives to promote the Lab Grown Diamonds (LGD) Sector, especially the initiative to reduce electricity tariff/duty for Lab Grown Diamonds industry by offering a 100% exemption on electricity duty for 5 years under the provisions of the electricity act. He was chairing a meeting on LGD in New Delhi.
Goyal applauded the Gujarat Government for recognizing LGDs as a thrust sector under the Aatmanirbhar Gujarat Schemes for Assistance to Industries 2022. It may be noted that 'Industrial machinery and equipment' and 'electrical machinery and equipment' have also been considered by the Gujarat Government as thrust sectors, the benefits of which maybe availed by the LGD reactor manufacturers.
He lauded the Government of Gujarat for spearheading several wide-ranging initiatives to promote the Lab Grown Diamonds Sector. 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 upto Rs. 5 Lakhs can also be availed by industrial units. Another incentive offered is the 100% reimbursement of employer contribution of EPF upto 12% of basic pay or upto Rs. 1800 per month, whichever is lesser, for a period of 10 years.
Interest subsidy and net SGST reimbursement upto 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, upto Rs. 50 lakhs, 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% upto 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.
Members of the Gems and Jwellery Export Promotion Council (GJEPC) and officials from the Ministry of Commerce and Industry were present at the meeting.