The Gujarat government announced its new industrial policy which aims to boost job creation and manufacturing and create an 'innovation-driven ecosystem' in the state. Chief minister Vijay Rupani, while announcing the new policy, said the companies which want to shift their operations from China and other countries in the wake of coronavirus pandemic were welcome to set up base in Gujarat. The policy envisions a spend of Rs 8,000 crore annually on industrial development. The policy also offers capital subsidy and tax incentives to industrial units. The policy document said that in a first, the state has taken a bold decision to de-link incentives from the State Goods and Services Tax, with up to 12 per cent of fixed capital investment to be given to large industries for setting up manufacturing operations in Gujarat in the form of capital subsidy. Besides, industries will continue to get exemption from electricity duty for five years. Government land will be given to industries on long-term lease of up to 50 years at 6 per cent of the market rate. Micro, Small and Medium Enterprises (MSMEs) can source foreign technologies with up to 65 per cent of the total cost of technology acquisition being supported by government with a ceiling of Rs 50 lakh, the policy said. MSMEs will also be eligible for capital subsidy of up to 25 per cent of eligible loan amount up to Rs 35 lakh.