- Attracts investment of ₹50000 Crore owing to Punjab Government’s efforts
- Permissions pertaining to 23 departments under a single roof as per single window system
- Novel facilities through the business first portal
- Power consumption in the industrial sector up by 22 percent in two years as a result of ₹5 per unit & other facilities
Punjab successfully leads in implementing Industry friendly policy-2017 and provided scores of facilities for the new as well as the existing industries.
The efforts of the Punjab Government have led to the investment of ₹50000 Cr in the two years of the present government. The permissions to be sought from 23 departments are being accorded under one roof as per the single window system.
The consumption of power during the last two years has increased 22 percent owing to facilities like power at ₹5 per unit. The industry-friendly policies have resulted in huge benefits to the industrial sector.
The business first portal has come as a big relief to the industrial sector. The business first portal has come as a big relief to the industrial sector. The interactive portal https://pbindustries.gov.in/static/ has a window to state’s profile, advantage Punjab, Department of Industries and Commerce and related organisations, District Industries Centre, and latest government notifications. The portal also define the strength areas and thrust sectors of Punjab and fiscal incentives being offered to the investors besides the services being offered to the investors.
Additional incentives are being provided to specific sectors. Agricultural and Food Processing sector has been 100% exempted of all taxes & fees being paid for the purchase of raw material for up to 10 years. Textile including Apparel & Made-ups, Technical Textiles is being given 5% interest subsidy for MSMEs for 3 years up to Rs. 10 lakh per annum.
For Electronics 50% top-up of Capex support is provided by MEITY, GOI to first 10 Anchor units that is up to Rs. 10 Cr/unit. Tourism & Hospitality sector has been exempted 100% from entertainment tax. IT & ITES have 50% of FCI subject to ceiling of Rs. 2.5 Cr/unit.
Projecting the successful outcome of ‘Invest Punjab’ recently grounded projects include Rs. 21,992 Cr for Petrochemical & Plastic Derivatives by HMEL in Bathinda, Rs. 550 Cr for Forging & Machining in Ludhiana, Rs. 538 Cr for an UltraTech Cement project in Patiala.
Rs. 521 Cr by the first time Spanish investor Congelados de Navaara in India for Frozen Foods at Ludhiana, Rs. 237 Cr also in Ludhiana towards Special Steel for automobiles by Vardhman Special Steels Ltd and Rs. 800 Cr for beverages by Pepsico in Pathankot.