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.
Holds Pre Progressive Punjab Summit interaction with representatives of 25 countries
Punjab Chief Minister Captain Amarinder Singh on Thursday called upon the Ambassadors and representatives of various foreign missions and invited them to invest in the state and also to visit during the historic 550th birth anniversary celebrations of Sri Guru Nanak Dev ji.
Presiding over a pre-summit interaction with foreign missions under ‘Ambassador Connect’ organised by Invest Punjab at New Delhi, Captain Amarinder also extended a personal invite to envoys from different countries to participate in Progressive Punjab Investors Summit-2019 to be organised at Mohali from 5th to 6th December.
Delegates of more than 25 countries delegates comprising Ambassadors, trade organisations and Mission representatives from United States, United Kingdom, Spain, Qatar, France, Israel, Canada, Japan, UAE, Taiwan, Slovak Republic and Czech Republic etc attended the Pre-Summit Interaction.
Captain Amarinder further that the summit would be a milestone in exploring the tremendous business potential, besides creating synergy between Punjab and foreign investors, for pushing industrialisation on fast track. He also asked the Ambassadors to send their teams of entrepreneurs, who were keen to invest in Punjab, as well as individual investors to participate in the Investors Summit.
The Chief Minister said the state was moving towards greater industrialisation in a shift from the traditional agriculture based economy, which had already reached a point of saturation. His government had promoted ease of business with its new industrial policy, which is aimed at facilitating investors.
This, he said, has led to winds of change as reflected in the fact that over Rs. 50,000 crore (USD 7 billion) investments had been firmed up since his Government took over in March 2017.
The Chief Minister assured the investors of all countries of his government’s full support and cooperation to the investors, for setting up their ventures in the state, besides providing seamless and time-bound clearances on fast track mode.
He further mentioned that since MSME sector was the engine for socio-economic growth and the backbone of industrial development, the State Government had prioritized MSME development as a key focus area.
Earlier, the Chief Minister had one-to-one interaction with the Japanese High Commissioner Kenji Hiramatsu, who evinced keen interest in promoting the tourism sector in Punjab. Responding to his proposal, the Chief Minister extended Japan support in exploring the possibility of developing a tourism site over an area of nearly 500 acres in Talwara, which abounds in natural and scenic beauty. The Chief Minister also invited him to explore potential to develop a technology hub over an area of 500 to 700 acres either at Rajpura or Bathinda and suggested that the proposal be further crystallised at the December summit. The Japanese High Commissioner also showed interest in setting up an Electric Vehicle Manufacturing in collaboration with world renowned Toshiba Group. During the meeting the progress on setting up of Centre of Excellence in IT Sector at Mohali also came up for discussion.
In his meeting, UAE Ambassador Dr. Ahmad AL Banna apprised the Chief Minister that a mega food park would be set up in collaboration with EMAAR and a team from UAE Ministry of Food Security would soon visit Punjab to further finalise modalities in this regard. He also sought Captain Amarinder’s intervention to prevail upon the Union Ministry of Civil Aviation to get some flights diverted to Amritsar to ease the heavy air traffic at various other existing international airports, and thus boost trade and business activities between the two sides. Dr. Banna also apprised the Chief Minister that UAE based business groups including Lulu, DP World, Sharaf Group and BRS are already exploring business and trade opportunities in sectors such as food processing, logistics, urban infrastructure develop and healthcare in Punjab.
In his welcome address, Chief Secretary Karan Avtar Singh termed Punjab as a land full of industrial opportunities. He said that the State had undertaken a slew of progressive regulatory and policy reforms with an aim to enhance the quality of service delivery. He exhorted the foreign missions to come forward for business collaborations and tie-ups, besides forging technical alliances to catapult industrial growth in the state.
Earlier, presenting a power point presentation on investment and industrial scenario in Punjab, Additional Chief Secretary Investment Promotion Vini Mahajan said Punjab, with just 1.5% of India’s land area, contributes 3% to India’s GDP. She said that Punjab is a manufacturing hub and the biggest producer of tractors, bicycle and bicycle component and hosiery woollen. Punjab was also a major exporter and had exported goods worth 6 billion US Dollar in over 200 countries during financial year 2018-19.
On the occasion, CEO Invest Punjab Rajat Agarwal proposed a vote of thanks and promised full support and cooperation to the prospective offshore entrepreneurs and investors on behalf of Punjab Government.
Prominent amongst other present on the occasion were Finance Minister Manpreet Singh Badal, Industries Minister Sunder Sham Arora, Education and PWD Minister Vijay Inder Singla, Sports Minister Rana Gurmit Singh Sodhi, Advisor Invest Punjab Major B.S. Kohli, ACS Development Viswajeet Khanna, ACS Cooperation Kalpana Mittal Barua, Principal Secretary Tourism and Cultural Affairs Vikas Partap Singh, Principal Secretary to CM Tejveer Singh, Special Principal Secretary to CM Gurkirat Kirpal Singh, Resident Commissioner Punjab Bhawan Rakhee Gupta Bhandari, Principal Secretary Health Anurag Agarwal, Principal Secretary Transport K Shiva Prasad, Principal Secretary Higher Education Anurag Verma, CEO Invest Punjab Rajat Agrawal and Director Industries C Sibin.
Promises of fulsome support to fructify their investment plans
A delegation of Invest Punjab jointly led by Punjab Finance Minister Mr. Manpreet Singh Badal and PWD & Education Minister Mr. Vijay Inder Singla urged the Co-founder & Non Executive Chairman of Infosys Mr. Nandan Nilekani and president & MD of Volvo Group Mr. Kamal Bali to make investments in Punjab as it was a land of enormous opportunities.
The delegation called on Mr. Nilekani and exhorted him that a multinational company like Infosys should come forward to establish a big ticket project in Punjab. Mr. Nilekani evinced keen interest to develop Start-up ecosystem by Infosys in view of the excellent IT and ITES infrastructure existing in the IT city Mohali as informed by the delegation.
Later the delegation called on the President and MD of world renowned luxury vehicles manufacturing group Volvo Mr. Kamal Bali. During the deliberations the delegation impressed upon Bali to setup a Volvo Design Centre and a Service Centre in Punjab besides opening a Skill Development Centre to impart basic training to drivers for honing their driving skills so as to enable them to be gainfully employed across the globe.
Taking part in the deliberations, Mr. Badal apprised the Volvo Group President that the Punjab Government under the stewardship of the Chief Minister Captain Amarinder Singh has made rapid strides in the industrial sector and subsequently the lucrative incentives/concessions being offered by the State has further given impetus to the investment sentiment in Punjab. He said that the congenial investment climate coupled with the investor friendly State Industrial and Business Policy has revived the industrial growth in Punjab, which was reflective from huge investments worth over Rs. 50,000 crore since our government assumed office in March 2017. He also promised to extend wholehearted support and assistance to the investors to getting their investment plans fructified.
Highlighting the bold initiatives taken by State Government to further bolster industry, the Finance Minister mentioned that the Invest Punjab was a ‘One Stop Office’ for providing regulatory clearances on fast track and extending investment support to the prospective investors and entrepreneurs. He also pointed out that the ‘Invest Punjab-Business First Portal’ has proved to be a milestone in giving clearances for 46 regulatory services of 16 departments/agencies available on the portal for industry besides fiscal incentives to MSME and large units. Mr. Badal further said that Punjab was swiftly emerging as the most favoured investment destination, which was evident from the fact that several multinational companies and world acclaimed industrial groups had evinced keen interest to invest in Punjab.
PWD and Education Minister Mr. Vijay Inder Singla said that the New Industrial Policy has propelled the state into the orbit of high growth trajectory and Punjab would soon emerge as the leading state on the country’s industrial map.
The Additional Chief Secretary Investment Promotion, Industry and Commerce Ms. Vini Mahajan assured of all fulsome support and cooperation to the investors and industrialists, who intend to choose Punjab as their future destination for industrial investments.
Prominent amongst those present on the occasion included CEO Invest Punjab Mr. Rajat Aggarwal and Special Principal Secretary to Chief Minister Mr. Gurkirat Kirpal Singh.
DESCRIBES IT AS A LAND OF ENORMOUS OPPORTUNITIES AND TREMENDOUS INDUSTRIAL POTENTIAL
VIJAY INDER SINGLA PINPOINTS CONDUCIVE BUSINESS ECO-SYSTEM AND DYNAMIC LEADERSHIP FOR MAKING PUNJAB AS THE MOST PREFERRED INVESTMENT DESTINATION
Giving a clarion call to the entrepreneurs and industrialists, Punjab Finance Minister Manpreet Singh Badal on Thursday exhorted them to make huge investments in the state as it has an investor-friendly climate coupled with lucrative incentives and concessions.
While presiding over the session on Punjab industrial scenario during 8thInvest North organised by CII, Punjab here, the Finance Minister recalled the unparalleled contributions of Punjab in steering our great nation to its independence. He said that since time immemorial, Punjab has been the cradle of civilization and culture, and its immense contribution to feeding the nation and securing the country’s borders from external as well as internal aggression has rightly earned it the epitaph of ‘Food Bowl and Sword Arm of India’.
Unfortunately, Punjab has passed through turbulent times, including the decade-long terrorism and violence that retarded its economic growth and prosperity during those dark days, said Badal adding that Punjabis with their indomitable spirit again put the state back on the rails of development. He said that probably Punjab was the only state in the country which had recouped from a trail of several odds and tribulations since 1947 with the traditional grit of brave Punjabis.
Manpreet Badal further mentioned that immediately after taking over the reins in March 2017, the State Government under the visionary leadership of Captain Amarinder Singh took varied path-breaking initiatives coupled with fiscal prudence to scale new heights of development in all spheres. With the introduction of investor-friendly initiatives, the state Government successfully reversed the unfortunate trend of industry fleeing from the state due to ill-conceived industrial policies of the previous Government. The congenial investment climate coupled with investor-friendly policies not only reposed trust and confidence amongst the entrepreneurs but also brought in a new wave of industrial growth in the state in terms of positive investment sentiment, which is evident from the fact with over Rs. 50,000 crore investments have been firmed up since we took over.
He further said that Punjab was swiftly emerging as the most favoured investment destination not only amongst the entrepreneurs from the country but also from across the globe with several foreign delegations from Japan, China, UAE, Spain, Singapore, etc. have evinced keen interest to invest in State.
Listing few innovative steps to boost industry, Manpreet Badal said that ‘Invest Punjab-Business First Portal’ has been successfully launched, which facilitates in providing clearances for 46 regulatory services of 16 departments/agencies available on the portal for industry besides giving fiscal incentives to MSME and large units.
Calling upon the captains of Industry to invest in Punjab, the Finance Minister assured them of fulsome support and cooperation to put their ventures in the state as it was a land of enormous business opportunities.
Speaking on the occasion, PWD and Education Minister Vijay Inder Singla said that Mohali in Punjab was emerging as a big industrial hub after Hyderabad and Bengaluru in the country. He said Punjab with the conducive business eco-system, excellent road and air connectivity, congenial industry-labour relations and above all under the dynamic and decisive leadership of the Chief Minister Captain Amarinder Singh had enabled to propel the state into the orbit of high growth trajectory.
In her welcome address, the Additional Chief Secretary Investment Promotion, Industries and Commerce Vini Mahajan outlined the broad contours of Punjab industrial and business policy, which is aimed at ensuring ease of doing business to the prospective entrepreneurs and industrialists.
On the occasion, the CEO Punjab Bureau of Investment
Promotion Rajat Aggarwal made a detailed presentation on the overall industrial scenario in the state besides focusing on the prospects of emerging industrial sectors like information technology, agro & food processing, IT/Electronics System Design and Manufacturing, Auto & Auto components, textile and start-ups etc. He also invited industrialists and entrepreneurs to participate in the Investor Summit being organised at Mohali on December 5 and 6, which would offer them a healthy platform to interact with the local industrialists about their investment plans in Punjab.
Meanwhile, five eminent industrialists including chairman CII Punjab State and CEO Mahindra & Mahindra (Swaraj Division) Harish Chavan, Managing Director CLASS India Ltd. Sriram Kannan, CEO Godrej Tyson Prashant Vatkar, MD & CEO HPCL-Mittal Energy Ltd. (HMEL) Prabh Das and Chairman Trident Group Rajinder Gupta shared their first hand experience of doing business in the state, their expansion plans and success attributed to the Industrial Business Development Policy of the state. These industrialists also extended an invite to the prospective entrepreneurs to visit Punjab to assess the tremendous potential of industrial growth in key focus sectors like IT & ITES, auto ancillaries and textiles.
Earlier, the inaugural session was presided over by the Chief Minister of Uttarakhand Trivendra Singh Rawat. The Finance Minister, Punjab, Manpreet Singh Badal, School Education & PWD Minister, Punjab, Vijay Inder Singla, Tourism Minister Uttarakhand Satpal Maharaj, Deputy Chairman CII Northern Region & Vice Chairman & Managing Director Triveni Turbine Ltd. Nikhil Sawhney, Chairman CII Northern Region and Chairman & Managing Director Jakson Engineers Ltd. Sameer Gupta were also present on the occasion.
Prominent amongst those present on the occasion included Special Principal Secretary to Chief Minister Gurkirat Kirpal Singh and Rajesh Dhiman.