Buoyed by the investor friendly initiatives of the state government, coupled with the incentives provided by the Industrial and Business Development Policy -2017, Invest Punjab has received 55 Common Application Forms (CAFs) with proposed investment amount worth Rs 21,536 crores and employment generation of 30,700 within just 10 days after the launch of the ‘Business First Portal’.
Out of the 55 applications, 29 have been received from Ludhiana and Mohali and the remaining from other districts across the state. As many as 44 CAFs are with an investment of more than one crore and 11 CAFs with investment of less than one crore.
On the directives of Chief Minister Captain Amarinder Singh, this unique initiative was taken by Invest Punjab to give further impetus to boost ease of doing business in the state. This pro-investor initiative will pave the way for further promoting industrial development in the state.
UntitledWith this initiative, the State Government will be able to ease the regulatory burden on the investors in the state. In the Business First Portal, approvals for applications of investors having more than 1 Crore Fixed Capital Investment (FCI) will be given by Punjab Bureau of Investment Promotion and for applications upto Rs. 1 Crores FCI will be given at the district level.
Portal launched by Captain Amarinder Singh on November 6, as a single-window clearance resource, will provide an independent interface to investors for their industrial grievance redressal, feedback and suggestions, the state-of-the-art online facility will further help in bringing fiscal incentives to investors in a time-bound manner under the Industrial and Development Policy-2017.
The portal will also be instrumental in creating enormous job opportunities through the establishment of new industrial ventures across the state, thus propelling the government’s ambitious ‘Ghar Ghar Rozgar’ scheme.
Notably, a slew of lucrative initiatives and incentives taken by the Captain Amarinder Singh’s government had already boosted business sentiment among industry, as reflected in the fact that investment of over Rs. 10,000 crores had been secured in the past 20 months, since the incumbent Government took over in March, 2017.