Chandigarh, June 27, 2019 (Yes Punjab News)
In line with its objective of ease of doing business, the Industries & Commerce Minister, Punjab, Mr. Sunder Sham Arora today announced the enhancing of the jurisdiction of District Level Committees constituted to grant approval of Fiscal Incentive cases and monitoring of Regulatory Clearances of MSMEs.
The applications for Regulatory Clearances/Fiscal Incentives for MSMEs as defined by Union Ministry of MSME, irrespective of Fixed Capital Investment (FCI) could be now made to the District Level Committee headed by Deputy Commissioner. The Notification No. PIU/IBDP-2017/2849 Dated 25-06-2019 has been issued in this regard, said the minister.
The applications for regulatory clearances/fiscal incentives for projects other than MSMEs irrespective of Fixed Capital Investment (FCI) shall be submitted to the State Level Committee, he added. Pertinently, these Committees were earlier authorized for projects having Fixed Capital Investment of Rs. 1 crore only, the Minister further said.
Reaffirming Captain Amarinder Singh led Punjab Government’s commitment to make Punjab the most favoured investment destination, Mr. Arora said that the Industrial and Business Development Policy 2017 provides various Fiscal Incentives to the Micro, Small and Medium Enterprises (MSMEs) enterprises in the manufacturing and service sector. All the incentives are provided through Online Portal namely Invest Punjab Business First Portal (www.pbindustries.gov.in, www.investpunjab.gov.in), he added.
Further, with the issuance of aforesaid notification, the cases of all MSMEs eligible under the policy would be processed in their respective districts itself and it would save their time and energy of travelling to State Head Quarter for their applications/project proposals.
