Punjab CM promises increased support to existing industry, local investors
What's the story
Punjab Chief Minister Amarinder Singh has promised to extend support provided to local investors and existing industry to leverage the state's intrinsic strengths.
The Chief Minister made this assurance in Chandigarh yesterday during the second round of informal consultations with industry to elicit their views and feedback before finalizing the operational guidelines of the new industrial policy.
Here's more.
New Policy
Policy expected to become fully functional by July 1
"Time-bound delivery of regulatory and fiscal clearances was the top priority of the Congress government, which was looking at incorporating the concept of deemed clearances to ensure hassle-free business experience," Chief Minister Amarinder Singh said.
Punjab's new industrial policy, along with the operational guidelines, is expected to become fully functional by July 1 this year, said an official statement released today.
Details
Assistance to industries in setting up their units in Punjab
Assuring all assistance to industries in setting up their units in Punjab, CM Singh welcomed suggestions and directed the Chief Principal Secretary to examine and incorporate the same into the operational guidelines.
The Chief Minister also urged the industry help complement the state's "aggressive efforts in development and creation of jobs".
Singh claimed that there was an "improved" investor sentiment in the state.
Information
Industry leaders as ambassadors of the state: Singh
Addressing the industry leaders, CM Singh said it is their shared responsibility to "re-energize and reinvigorate the state infrastructure through industrial revolution so that Punjab could reclaim its place of glory." He described industry leaders as ambassadors of the state.
Suggestions-1
Hero MotoCorp's Munjal suggested govt to provide more land
On the suggestion of Sunil Kant Munjal of Hero MotoCorp that the state government should provide more land to two-wheeler manufacturing units, Singh directed the department concerned to examine the same.
Kamal Oswal of Nahar Industrial Enterprise Limited suggested full benefits on the modernization of units and enhancement of the land limit for industrial parks from 10 to 25 acres.
Information
Extension of benefits to 100% to export units
Kamna Raj Aggrawal of Engineering Export Promotion Council (North India) raised the issue of extension of benefits to 100% to export units on the lines of the manufacturing industry, which was endorsed by Anoop Bector of Mrs. Bector's Food Specialties Ltd.
Suggestions-2
Calls for increase in freight subsidy for transporting finished goods
Meanwhile, LD Mittal of Sonalika ITL suggested the extension of incentives and benefits to tractor Agri equipment Manufacturers, where GST on input cost was "higher" than that on finished goods.
Also, Suneet Kochhar of Khanna Papers called for an increase in freight subsidy for transport of finished goods to Kandla, Mundra and Mumbai ports to attract more investors.
Information
Vardhman Group's Sachin Jain invites Singh to 'Invest North II'
Hotel Radisson's Gautam Kapoor suggested incentives for the hotel industry at par with the manufacturing sector. CM Singh also accepted the invitation extended by Sachit Jain of Vardhman Group, to attend the "Invest North II" to be held in Singapore during August.