Known for its entrepreneurship and vibrant culture, Punjab government under the leadership of Parkash Singh Badal has witnessed hope for industrialization in the state for the development of small, medium and large scale industries.
A slew of measures and industry friendly incentives in last over a decade which have been offered by the ruling SAD-BJP government, have made the widely known agrarian state a vibrant Punjab. The credit for this vibrant Punjab today primarily goes to the industry friendly initiatives taken by the Punjab government through its industrial policy and host of measures by the deputy chief minister Sukhbir Singh Badal.
Key industry friendly incentives
Exemption from taxes on a new food processing industry proposed to be set up in the state, fixed rate of power tariff @ Rs 4.99 per unit for the first five years after commissioning of a plant, labour reforms and doing away with the Inspector Raj by self and third party certification by the industry are some of the key measures which have
given a boost to the industry sector in Punjab. These slew of incentives for the industry have helped developing an industry friendly atmosphere and attracted major investments.
Besides in a bid to provide an environment for ease of doing business to new investors, Punjab government has set up a PBIP which has been empowered with the authority to give clearances to new investment proposals and fiscal incentives. In order to fast implementation of new investment proposals, Punjab government has decided to review the pacts signed with companies on monthly basis.
Attracting investments key focus
In the industry policy which has been framed by the state government, attracting more investors from India as well as from abroad, has been the main focus. The industry friendly incentives have in fact drawn accolades from the likes of Mukesh Ambani of Reliance Industries, Dilip S Shangvi of Sun Pharmaceuticals, Sunil Kant Munjal of Hero Moto Corp, YC Deveshwar of ITC, Rahul Bajaj of Bajaj Group, Ajay Piramal of Piramal Enterprises and Chanda Kochhar of ICICI Bank. They all have endorsed the Punjab government’s industrial policy.
According to N.K Sharma Chief Parliamentary Secretary, Industry and Commerce, “Punjab government has decided to devote the next five to six years the industrial development of the state, and the industry policy is helping in providing impetus to the industrial growth in the state. It is the right time for the NRIs to make investments in the state which would earn them good returns for their investments.”
Advantages for Punjab
The state not only has a large number of educated and professionally skilled workers but also has an established export base, good infrastructure such as telecommunication set up and road infrastructure. Besides it also has regular and economic power supply.
A World Bank Study in 2009, had found district Ludhiana in Punjab as the best place for doing business in India. And with the operations of Mohali international Airport having taken off and the up-gradation of Amritsar International Airport, Punjab has emerged as an easily accessible business as well as the tourist business destination in South Asia.
Industry Minister Madan Mohan Mittal claims Punjab has offered the best investment atmosphere in the country through its different incentives and concessions to the industrialists who are keen to invest in the state. .