Industry summits a big hit for investments in Punjab

Thanks to industry friendly measures by the government a number of leading entrepreneurs have exhibited interest in making investment in a number of projects in the city. The two industry summits which were held by the state government in last over couple of years and the visits by the foreign delegates, in fact would bear testimony to the vibrancy and the buzz which the industry friendly initiatives have created all over the state.

Industry summits a big hit for investments in Punjab.png

During the summits investment agreement to the tune of over Rs 1.72 lakh crore were signed by various leading firms. More remarkable was the fact that amongst the investment agreements of Rs 65000 crore, as many as 53 investment proposals of about Rs 4,881.99 crore were from the agree-processing category.

As many as 55 MoUs were signed in the food processing sector alone infusing to promise an investment to the tune of Rs 8,000 crore.

The Deputy Chief Minister Sukhbir Singh Badal has been elated about the investment and had said after the summits that the signing of MoUs was likely to provide employment to over 2.5 lakh youth all over Punjab.

Big firms’ proposals and contribution
Mukesh Ambani’s Reliance has already invested Rs 3,900 crore in Punjab and the 4G network has been rolled out making state well equipped with the mobile network. Similarly ITC had already increased its investment in the Kapurthala food park from Rs 700 crore to Rs 1,400 crore.

We have plans of investing in setting up a kinnow processing plant here besides expanding our potato seed business and investing in agro forestry,” ITC head Deveshwar had maintained while adding that the company had plans of investing in a luxury hotel or a convention centre in Chandigarh.

Government’s e-governance initiatives too have paid off well and the ICICI Bank has signed MoU for taking part in the e-governance initiatives of the state government. These would include developing skill development centres and offering customised financial services while raising the number of bank’s branch network in state.

Some of the key proposals for investments in Punjab:

  • ITC’s proposal worth about Rs 680 crore for setting up of integrated food processing cum logistics centre.
  • A multi model logistic park with an investment of Rs 500 crore by the Container Corporation of India.
  • A seed potato project with an investment of about Rs 18 crore by Mahindra & Mahindra.
  • DLF Universal’s investment which has the largest sum of investment so far of (Rs 9,200 crore in the real estate sector.
  • GVK Industries’s proposal to invest Rs 5,000 crore for setting up medical colleges.  Adani Group’s proposal of investing Rs 3,700 crore for setting up a 500-MW solar power plant.

Kings College, London, has also evinced interest in investing 100 million pounds (Rs 1,000 crore) for setting up Florence Nightingale College of Nursing, a medical college and a hospital at Medicity in New Chandigarh and has signed MoU with the Punjab government.

Most of the industrialists who had taken part in the summit were all praise for a series of measures which were announced by the Punjab government for investors.

In particular there was a specific mention of fiscal incentives which have been offered by the Punjab government under Punjab’s Industrial Policy.

Foreign delegations

Industry delegation from Poland, led by state minister of economy Jerzy Witold Pietrewicz too during his visit promised to invest in information technology. A delegations from China and Hungary promised participation in food processing. Chief Minister Parkash Singh Badal has also asked the industrialists signing MoUs with Punjab to set up a skill development centre in the state. Industry Minister Madan Mohan Mittal claimed Punjab offered the best investment atmosphere in the country.

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