New Delhi [India], August 31 (ANI): Gujarat is targeting the processing of industry incentives for 500 applicants every day in the coming year, up from 395 files a day currently, as the state looks to speed up incentive approvals for investors.

Addressing the gathering at the curtain-raiser event for the Vibrant Gujarat Global Summit 2027 in New Delhi on Monday, Deputy Chief Minister Harsh Sanghavi said the Industries Department had already more than doubled the pace of processing incentive files this year.

'This year, the Gujarat Industries Department has ramped up the processing speed for incentive files from 160 per day to 395 per day. In the coming year, we aim to process incentives for 500 applicants daily; we are moving forward with this specific target in mind,' Sanghavi said.

Seeking to assure businesses about investing in the state, Sanghavi said Gujarat had maintained a track record of honouring incentives promised to investors under its policies.

'Over the past 25 years, not a single investor who came to Gujarat has had the experience of being denied the incentives promised under the state government's policies,' he said.

Sanghavi also sought to address concerns around the safety of investments, saying investors generally look at both security of capital and returns while deciding where to put their money.

'As the Home Minister of Gujarat, I guarantee you that every single penny invested in Gujarat will remain secure, not just for you, but for the next seven generations,' he said.

Union Minister Mansukh Mandaviya, who also addressed the gathering, said Gujarat's long association with entrepreneurship and trade had helped the state develop a strong investment ecosystem.

'Gujarat has always been a state deeply connected to entrepreneurship and trade; that's why a robust investment ecosystem has developed here,' Mandaviya said.

Highlighting India's economic performance amid global disruptions, Mandaviya said the country had maintained relatively strong growth despite successive crises, including the COVID-19 pandemic, the Russia-Ukraine conflict and the West Asia crisis.

'While the world was still recovering from the pandemic, and economic growth rates in the US, China, and Europe were hovering around 2% to 4.5%, India's economic growth stood strong at 7.5% to 8%,' he said.

Mandaviya also pointed to changes in the country's tax system, saying, 'We have seen a continuous reduction in the tax burden, moving from VAT to GST and subsequent GST iterations.' (ANI)