Union Budget to benefit Gujarat’s MSME, pharma, semiconductor sectors, says CM Bhupendra Patel

“Gujarat is a leader in the pharmaceutical sector, and the state’s pharma industry will also benefit from the Bio-Pharma Shakti Programme,” the release said. “Budget this year has announced an SME Fund of Rs 10,000 crore to build ‘Champion MSMEs’. This will directly benefit the MSME sector and enhance liquidity,” it said.

The CM said Gujarat is becoming the semiconductor hub of India with four plants, and it will benefit further from the India Semiconductor Mission 2.0 announced in the Budget.

On the new dedicated freight corridor linking Surat in Gujarat to Dankuni in West Bengal announced in the Budget, Patel said it will facilitate faster logistics services for trade, industry and the manufacturing sector.

Talking about the Budget for railways in Gujarat, the CM said, “In the Railway Budget, a significant amount of Rs 17,366 crore has been allocated to Gujarat. And even today, railway projects worth Rs 1.28 lakh crore are ongoing.”

He also welcomed the announcement to extend the 10-year tax holiday in GIFT City to 20 years and said it will attract investors to make long-term investments in the financial hub with more trust.

He said, “As Gujarat prepares to host the Commonwealth Games in the coming years, the sports sector will receive additional encouragement and strength from the Khelo India Mission announced in the budget.”

The CM also pointed out that under the 16th Finance Commission, Central devolution for Gujarat has been increased from 3.48 per cent to 3.75 per cent.