Gujarat's Growth Surge: Budget Boosts Biopharma, Textiles, and More

Gujarat's pharmaceutical and textile sectors will benefit from a Rs 10,000-crore allocation in the Union Budget, according to CM Bhupendra Patel. The announcement will foster growth in Gujarat's economy, with initiatives aiming to position India as a global biopharma hub and support the burgeoning semiconductor industry.

The Union Budget's Rs 10,000-crore allocation to the Bio-Pharma SHAKTI programme is set to bolster Gujarat's pharmaceutical sector, Chief Minister Bhupendra Patel announced on Thursday. The initiative, which targets the establishment of India as a global biopharma manufacturing hub, was welcomed by the CM in Gandhinagar.

The budget provisions further extend to the state's textile industry, with Patel highlighting benefits for Gujarat's developing semiconductor sector. The Union Budget also sets out a Rs 10,000 crore SME fund designed to enhance liquidity in the state's MSME sector, instrumental to its economy.

CM Patel noted additional measures such as the extension of the tax holiday in GIFT City and plans to develop smaller cities as economic regions. These efforts, coupled with significant infrastructural projects, aim to accelerate Gujarat's growth trajectory as it prepares for future global events like the Commonwealth Games.

(With inputs from agencies.)