Gujarat Government's Policies Cushioning Biz Against External Shocks

“The way we have formulated our industrial policy, we have ensured that businesses are not vulnerable to market dynamics and that their investments remain safe. This is particularly important for companies engaged in exports. Unforeseen events such as wars have disrupted supply chains,” Verma said.

She said the state government was providing a policy framework to promote manufacturing and exports. It had identified thrust sectors in which industries could manufacture products in line with global demand.

“We are also working with industry to improve standards, particularly for exports. One scheme allows MSMEs to participate in global exports. We are looking at how Gujarat can manufacture for itself as well as for the world, with free trade agreements (FTAs) set to play a major role. This also requires businesses to step out of their comfort zones. Demand is emerging across several sectors globally,” she said.

Highlighting key features of the policy, Verma said businesses relying entirely on their own funds, without taking loans, were now eligible for government incentives. First-generation entrepreneurs were also eligible for subsidies.

“Businesses should cater not only to the domestic market but also to the vast global market by complying with quality standards and sustainability requirements. It is important to assess where India and Gujarat stand and where the opportunities lie. This is where the manufacturing sector becomes crucial. Gujarat accounts for 40% of India’s manufacturing sector, and our vision is to maintain that edge,” she said.

Addressing the gathering, Rajesh Panware, Director at the Department for Promotion of Industry and Internal Trade (DPIIT), said FTAs have opened up new opportunities, and it was now up to businesses to capitalise on them. Exporters needed to identify buyers and deliver goods, he said, adding that business associations and export promotion councils could provide market intelligence, while Indian embassies could also offer assistance.

“The state government is working to improve the business environment. India has expanded its agreements with several trading partners, creating significant opportunities. We want exporters to provide feedback so that the government can fine-tune its measures. There are various schemes for market development that exporters can leverage,” he said.