Punjab on Investment Promotion Mode

The industrious nature of the people of Punjab, progressive and transparent policies of the government, continuous investment in human capital, development initiatives, robust infrastructure development and good governance have put Punjab on the trajectory of fast growth in the last six years, said the deputy chief minister of Punjab, Sukhbir Singh Badal .The set – up of the Bureau of Investment Promotion has been contributing in large numbers towards the economic growth of the state.

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The Bureau of Investment Promotion, Punjab is a meeting point for the regulatory clearances and attractive fiscal incentive approvals. It provides a one stop clearance to the investors, keeping in view the preferable investment destination in terms of abundant quality power, class logistics, end to end communication network, highly skilled manpower and enterprise and high quality social infrastructure.

The business rules of the Department of Investment Promotion, are to interact with industry at National and International level to promote investment in Punjab and to consistently deal with several proposals.

The visionary far sight of the deputy chief minister Sukhbir Singh Badal is clearly by his statement at the Invest Punjab summit that, “When investors come to India why they should go to 100 departments of government of India? There should be one Invest India in Prime Minister’s office under the Prime Minister. Anybody who walks in there should be a one number, one man, one email and one month clearance for those who wants to invest in India that will be the game changer.”

The Bureau of Investment Promotion facilitates fiscal incentives and investment proposals of about 23 departments, some of which include pollution, labour, industry, forest and the electricity department. The head of the department, Anirudh Tiwari IAS, the Chief Executive Officer (CEO) and the secretary of the administrative department, Karan A. Singh IAS have been conducive towards the Fiscal Incentives for Industrial Promotion, (FIIP) 2013 and attracting lucrative investors for the set – up of new industries in the state.

The Shiromani Akali Dal – BJP led state government, witnessed the signing of 378 Memorandum of Understanding (MoU), and approvals of about Rs. 1.15 lakhs in the Progressive Punjab Investors Summit. Studies have proven that radical initiatives of the state government such as the setting up of The Bureau of Investment Promotion, has been successful in attracting lucrative investments in the state by huge investors from all over the globe. Punjab’s rise is a defining storyline of the early 21st century. Owing to the concentrated leadership of the state government, Punjab is marching on the road of economic growth and stability.

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