The Gujarat government on Wednesday announced 50 per cent cut in prices of plots of up to 3,000 square metres offered by the Gujarat Industrial Development Corporation (GIDC), hoping to boost small and medium industries in the state.
The decision was taken at a Cabinet meeting on Wednesday, wherein it was decided that such GIDC industrial estate plots will cost 50 per cent less, so as to benefit small and medium units.
"We have effected drastic changes in the process of land allocation and pricing for GIDC to develop industrial estates. As decided in the meeting, plots up to 3,000 square metres to be allocated to small and medium enterprises (SME) by the GIDC will cost 50 per cent less. Subsequently, the GIDC will sell such plots to small businesses at half the rate," Deputy Chief Minister Nitin Patel told the media.
The state government sells industrial land to GIDC, the nodal agency to develop industrial estates in the state and facilitate industrial development.
The GIDC had to pay more for land in some cases in the past due to higher market rates. This resulted in costlier plots for small businesses.
The decision will help in developing ancillary industries in the state, said Patel. Patel clarified that other plots of bigger sizes will continue to cost the same as earlier.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)