shine india magazine subscription Published this articles page no 41 Gujarat has received FDI in diversified sectors including telecommunications power metallurgical industries petroleum & natural gas services sector automobile cement & gypsum products amongst others. Close to 100 Fortune 500 companies multinational corporations large companies and over 3.5 million MSMEs have a presence in Gujarat. Gujarat is also poised to become the “Metal Capital of India”. It offers industries to localise supply chains and derisk their operations and strengthen the local ecosystem that would help create cost-effective and sustainable solutions. Gujarat and its transformational model today is one of the key contributors towards Aatmanirbhar Bharat. Gujarat has been a front runner in implementing several reforms for improving and easing the environment for doing business. The State Government in coordination with the Union Government has made it possible to minimize the compliances burden on businesses. As a result there has been a boost in the economic growth of the State. The State also witnessed a massive surge in investments due to the historic move by the Union Government to lower the corporate tax rate. In order to achieve self-reliance and boost manufacturing the Union Government initiated various reforms such as Ease-of-doing-Business ranking of states and ease of compliances which has acted as a catalyst to the vision of Aatmanirbhar Bharat The Government of Gujarat undertook bold initiatives during the Covid-19 pandemic to address economic challenges and there has been a strong recovery in businesses with an increased investor and consumer sentiment. The pandemic has accelerated the growth of both large and small businesses. Post lockdown the power consumption and gas consumption have increased by 10% and 25% respectively over the previous year signaling a strong recovery in the businesses. Additionally initiatives such as exemption from the labor laws have also contributed to restoring normalcy. Besides this a special committee and a control room were set up by Gujarat Government to handhold and facilitate the industries during unprecedented times. Infrastructure has always been one of Gujarats strengths in terms of road connectivity railway networks ports airports power supply utility grids etc. shine india magazine subscription
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