India is now growing to be a strong industrial power in the world. The States of India have different features in their development in different fields. The economy of Gujarat has significant agricultural as well as industries production within India.
In Present Business Scenario: Gujarat is the home for dynamic industrialists and business entrepreneurs. It is emerging as EVA (Economic Value Added) State with sustainable industrial growth. The Industrial Policy of the State acts as a catalyst to face the challenges to manage the inevitable volatility of Industrial Cycles. The remarkable resilience of the economy of Gujarat as the fastest-growing state in the country lies in the fundamentals of its economy which is strong and vibrant.
The pro-business approach of the government has felicitated Gujarat’s relentless drive towards industrialisation by making the state an ideal business and investor-friendly destination, both for domestic and foreign. Gujarat state in India in respect of the value of production and value addition in the industrial sector in India.
Growth in the Industrial sector is as high as 12.5%, and overall it contributed to 16% of the industrial production in the country. Gujarat also proves the investment worthiness by mobilising the highest share (22%) of investments nowadays. The State maintains a variety of industries, the principal ones being the general and electrical engineering, and the manufacture of textiles, vegetable oils, chemicals, soda ash and cement.
New Industries include the production of fertilisers and petrochemicals automobiles. Major resources produced by the State include cotton, sugarcane and petrol. Gujarat produces about 91% of India’s required amount of soda ash and gives the country about 66% of its national requirement of salt. Chemical Industries in Gujarat count for more than 35% of chemicals produced in the country.
Highlighted field industries in Gujarat
- A Petro-capital State of India, Gujarat offers 30% of Petrochemicals, 50% Chemicals and Pharmaceuticals business.
- Gujarat tops Agrigrowth table at 9.6% with agriculture infrastructure achieving maximum growth in the country.
- Gems and Jewellery Business, the fastest growing sectors in the country.
- The largest producer (35%) and exporter (60%) of cotton, and the third-largest denim producer in the world. It offers India’s 12% textile exports, and it is known as the ‘Manchester of the East’ and ‘Denim City’.
- The World’s largest ship-breaking yard in Gujarat at Along near Bhavnagar.
- Oil refinery at Jamnagar one of the country’s largest grass root refineries.
- Gujarat ranks second nationwide in gas-based thermal electricity generation.
Large Units: Industrial Units with investment exceeding over 10 crores a Plant and Machinery are classified as Large Scale Units. Approved by Government of India, other remaining industries are required to file under IEM (Industrial Entrepreneur Memorandum) and SEZ (export-oriented or setting up a project).
Micro, Medium and Small Scale Units: The micro, medium and small scale units are classified with investments ranging from various investments in Plant and Machinery and Equipment. Thus Gujarat witnesses impressive development in the SME sector.
Industrial Clusters: Gujarat owes it impressive growing identity with the rise of small and medium clusters, as they are supportive of common facilities, creating brands, and developing the fields of industries.
Exports and Economic Zones: With impressive performance, Gujarat’s export share in India is highest. Gems and Jewellery deem for a rise to 25% and over. The Government is encouraging SEZ that can boost manufacturing, augments exports, and generates employment.
With vibrant Gujarat Summit MOUs signed to 12 Lac Crores in 2009, it has emerged as a leading Industrial State in the country within a short span of time. It evolves in an ‘Economy Domain’ or ‘Investor’s Paradise’ with vast potential for growth in successive years.