Surat: In New Delhi, Commerce and Industry Minister Piyush Goyal in a meeting with LabGrown Diamond Manufactures hailed the Gujarat government for promoting the LabGrown Diamond sector, particularly the Electricity Act, terming LabGrown Diamond as India’s new emerging industry. It has announced reduction of electricity rates, duties for Lab Grown Diamonds (LGD) industry by providing 100 percent exemption on electricity duty for 5 years under the provisions. Piyush Goyal has shocked the diamond industry by announcing in Delhi before the announcement of assembly elections in Gujarat and implementation of code of conduct.
Goyal lauded the Gujarat government for recognizing Labgrown Diamond as a thrust sector under the Self-reliant Gujarat Plans 2022 to support industries. ‘Industrial Machinery and Equipment’ and ‘Electrical Machinery and Equipment’ have also been considered as thrust sectors by the Government of Gujarat, which can be benefited by the total LGD reactor manufacturers.
These include concessions on power cost, interest cost and tax to promote lab grown diamond sector, support to research and development to develop indigenous technology for LGD, support to skill development to promote skill upgradation for existing workforce.
To reduce electricity tariff by Rs. Industrial units can also get 35 percent of the charges paid on distribution license for LT-HT service lines up to 5 lakhs. Another incentive offer is 100 percent of the employer’s contribution to EPF up to 12 percent of basic salary or Rs. 1800, whichever is less, includes compensation.
MSMEs, large and mega players are also offered up to 100 percent interest subsidy and net SGST refund. Mega units can claim 100 per cent refund of capital input tax on capital goods within 20 years. For technology acquisition Rs. 50 lakh, up to 65 per cent of the cost is being provided, including the patent technology acquired from the foreign company. Assistance is being provided to MSMEs to participate in national and international exhibitions for market development. Every year for 3 years Rs. 1 lakh up to 65 percent rental assistance is also being offered. Research and development for skill development will be supported through government industrial associations as well as individual enterprises and financial assistance. The meeting was attended by members of Gems and Jewelery Export Promotion Council (GJEPC), leaders of Labgrown Diamond Manufactures Assoc.