Punjab Chief Minister directs departments to focus on revival of existing businesses in new industrial policy

  • Calls for `Business First’ philosophy, seamless integration of services to facilitate industrial development

Punjab Chief Minister Captain Amarinder Singh has underlined the importance of revival of existing industries in the new industrial policy, which should focus on promoting a `business first’ philosophy.

Chief Minister emphasized on the need for a mindset change in the government, with focus on facilitation. Industry and business houses should be treated as partners and not be subjected to suspicion, he said.

The new policy should focus on revival of industry, with preference to existing industries, said the Chief Minister addressing a meeting to discuss the state’s new draft industrial policy, adding that the state should extend all possible help to industries and businesses, especially to MSMEs, to develop and expand.

The discussion also centred on the need for infrastructure development to facilitate business and it was proposed to set up a Punjab State Industrial Infrastructure Corporation for this purpose, according to a spokesperson of the Chief Minister’s Office (CMO).

Besides upgradation of the power sector, the policy would look at the development of four industrial parks and 10 industrial estates as part of the policy, which will be focused on enhancing ease of doing business in Punjab.

Identifying the services sector as a key priority in the proposed policy, the Chief Minister said his government was targeting a total investment of Rs 5 lakh crore in five years around the seven core strategic pillars of growth. These pillars have been identified as Infrastructure, Power, MSME, Startup and Entrepreneurship, Skill Development, Ease of Doing Business and Investment Promotion, and Fiscal Incentive. The policy, being prepared to synergies with the central government industrial policy, would envisage one anchor unit for all the priority sectors.

Promotion of entrepreneurial business would be a key focus area of the policy, said the Chief Minister, adding that the thrust should be on facilitating the development of 1000 start-ups to enable economic growth and employment generation in the state. It is proposed to set up 50 entrepreneurship skill development centres in colleges to encourage and motivate youth to go in for self-employment.