Progressive Punjab Investors Summit 2019 – Punjab well on course to becoming industrial giant: Vini Mahajan

Chandigarh, November 24, 2019 (Yes Punjab News)

The State of Punjab is organizing the Progressive Punjab Investors Summit on 5th and 6th of December in Indian School of Business, Mohali.

The event will see participation from the MSMEs of Punjab, apart from leading industrialists, new-age entrepreneurs, foreign missions and other dignitaries. The Summit will be the ideal platform to experience the success story of Punjab and explore the numerous investment opportunities offered by the State.

Disclosing this here today, the Additional Chief Secretary Mrs. Vini Mahajan said that in keeping with the Summit Theme – ‘Building Partnerships for Inclusive Growth – MSMEs in the Global Value Chain’, the Punjab government has resisted the temptation of focusing entirely on big ticket international investments and instead has taken the bold step of internalizing the State’s efforts to support the MSMEs through industry partnerships which can help them shift their trajectory of growth.

The event aims to highlight that Punjab houses robust MSME units in numerous sectors which can be vendors/partners of the international clients looking for ancillary units to support their global value chains.

The Additional Chief Secretary further added that Punjab is partnering with Japan, UAE, UK, as well as German corporates, as it sees many mutually benefiting collaborations with industry based out of Punjab.

Many international players from these nations have already expressed their interest in increasing investment in the State and country sessions during the Summit will highlight the potential and opportunities for collaborations that exist between these countries and Punjab.

Mrs. Vini Mahajan also elaborated that along with a key focus on MSMEs, we have also identified thrust sectors such as Agro & Food Processing, Healthcare, Manufacturing & Light Engineering, Plastics and Petrochemicals, Auto & Auto Components, Skill Development, and New & Renewable Energy, New Mobility, Industry 4.0, Textile, Tourism, IT/ITes and ESDM, and Startups which have potential to grow and expand in Punjab.

We will hold sessions which include experience sharing by Punjab investors, panel discussions between industry leaders to understand the needs and demands of the sector and also highlight the potential of growth particularly in Punjab.

Also renowned as the Hub for the MSME sector, the State houses over 2 lakh registered MSMEs specializing in hi-tech auto parts, processed food products and juices, textiles, sports goods, machine tools etc.

The Summit will feature a one-of-a-kind exhibition which will showcase the key products manufactured in Punjab that have excelled at the global level. The exhibition will offer an interactive experience for the attendees to know about the world-class products/technologies being produced/used in Punjab which have Global level attractions.

In line with the theme of the Summit, the strength of Punjab based manufacturers would be displayed who have partnered with international players to build strong global value chains benefitting the scale of their operations and quality of their products

The Additional Chief Secretary also disclosed that Captain Amarinder Singh led government has achieved a milestone of implementation of investment of over Rs. 50,000 crore within 2.5 years of taking the reins of the State of Punjab.

This remarkable achievement has been supported by a robust industrial and business development policy, supportive government infrastructure and transformative ease of doing business reforms.

Mrs. Vini Mahajan further added that the State Government is developing special parks for hi-tech industry with special emphasis on Mobility sector, Electric Vehicles, Engineering Goods at Ludhiana and Mohali.

The Key projects grounded in the State include Pepsico’s (Varun beverages) Rs. 800 crore facility spread over 41 acres in Pathankot, CN IFFCO Frozen Foods food processing unit worth INR 521cr in Ludhiana, Happy Forgings (Forging & Machinery) Rs. 550cr plant in Ludhiana and Vardhman Special Steels new project in Ludhiana worth Rs. 237crore.

The One Stop Office – Invest Punjab ensures seamless and smooth investment in the State by facilitating all regulatory approvals under one roof. The bureau now offers online Invest Punjab Business First portal with 66 regulatory services of 12 departments, 34 fiscal incentives, End to End Online Processing, Real Time Investment Tracker, and Dedicated Relationship Manager. Recently the Invest Punjab model has been extended to district level, to facilitate MSME units.

Another key initiative is the creation of online land banks of 48 focal points which offer all pertinent details such as layout plans, no. of plots, e-auction/allotment details etc. Further GIS-based Mapping has been created for all the industrial focal points with prevailing land rates with details on available infrastructure in those focal points.

Besides, the Central Inspection System has been set up in the State to conduct synchronized/joint inspections by Department of Labour, Directorate of Boilers and Punjab Pollution Control Board (PPCB) for these units.

This site inspection is deemed final on behalf of all the participating departments and has helped speed up the processes by reducing the time to market for the businesses. 250+ successful joint inspections by the departments have been carried out since June 2019.

The other industry and investor friendly initiatives include Automatic computerized risk assessment for the businesses, Clearly defined risk criteria, inspection procedure and checklists, Random allocation of inspectors, All inspection reports to be submitted by the inspector within 48 hours and the availability of power at the most competitive rate to all industries at Rs. 5 per unit up to 2022.

The Government of Punjab has ensured that 24/7 quality power is available to all the industries in Punjab. The power infrastructure in the State is also very robust with Punjab being the 1st State to install the 400 KV ring main system. Furthermore, Punjab is the first State to reimburse GST to Investors on sales throughout the country.

This landmark reform has been highly appreciated by the investors who have the option to recover up to 200% of their fixed capital investment. The Industrial Business Development Policy also offers various other attractive benefits including employment generation Subsidy up to INR 48,000/- per employee per year for a maximum period of 5 years, exemption from Stamp Duty & Registration Fee, CLU / EDC Charges, as well as Property Tax.

The Additional Chief Secretary also added that Punjab has been ranked 2nd in the Ease of Logistics Ranking of Government of India for 2018 as well as 2019. The State offers 100% road connectivity with 4/6 lane highways ensuring smooth transportation and business activity. The Government has abolished Truck Unions to check cartelization and ensure free movement of goods carriers at a fair transportation cost to the consumers.

The Additional Chief Secretary further stated that Punjab also prides itself on very peaceful and cordial labour-management relations. It has not witnessed any major strikes/lockouts in last 3 decades. The State allows 24 hour shifts for both men and women for all types of industries in both manufacturing & service sectors.

The State also encourages flexibility of hiring, without any domicile restrictions. The Punjab Government has launched the Punjab State MSME Awards to felicitate the MSMEs who have registered strong business growth and displayed excellence in product quality.

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