Punjab: 'Invest Punjab Business First Portal' launched to boost industrial-development
What's the story
The Chief Minister of Punjab, Amarinder Singh, yesterday launched the 'Invest Punjab Business First Portal', aimed at further boosting industrial development in the state. Highlighting industrial growth, the Chief Minister said that various initiatives by the government have already boosted investment sentiment, adding Punjab has attracted industrial investment of over Rs. 10,000 crore since the Congress came to power last year. Read more.
Information
Industrial growth is evident in consumption of power: Amarinder Singh
The industrial growth in the state is evident from the significant 9% increase in industrial consumption of power in 2017-18 over 2016-17, said Singh. As many as 60 new units had been started in Mandi Gobindgarh in this period, he added.
Scope of portal
Uses of portal: Industrial grievance redressal, feedback, and suggestions
Pointing out that the portal would provide an independent interface to investors for their industrial grievance redressal, feedback, and suggestions, Amarinder said the facility would also help bring fiscal incentives to investors under the Industrial and Development Policy 2017. The CM said that the portal would also be instrumental in creating job opportunities through the establishment of new industrial ventures.
Functions of Portal
Applications will be approved by Punjab Bureau of Investment Promotion
Under the portal, approvals for applications having more than Rs. 1 crore Fixed Capital Investment (FCI) would be given by Punjab Bureau of Investment Promotion (Invest Punjab) and up to Rs. 1 crore FCI at the district level. Relationship managers/sector officers would be assigned automatically through the portal which would provide 34 pre-establishment and pre-operation regulatory clearances of 11 departments and 35 fiscal incentives.