Jalandhar, September 19, 2019 (Yes Punjab News)
Describing Punjab as the land of immense industrial opportunities, the Chief Executive Officer (CEO) of Punjab Bureau of Investment Promotion Mr. Rajat Aggarwal today said that the state government government’s online approval system for all the industrial clearances was facilitating the investors.
Chairing an interactive meeting with the Confederation of Indian Industries organized here today, the Chief Executive Officer, accompanied by Deputy Commissioner Jalandhar Mr. Varinder Kumar Sharma, said that this mechanism was a revolutionary step that was facilitating the investors in getting the clearances, from the line departments, for setting up their units in the state. Mr. Aggarwal said that this unique initiative had been pivotal in putting the industrial growth of the state on the high growth trajectory.
The Chief Executive Officer said that industrialists have been benefitted from Rs 52 crore electricity duty exemption by the state government. Likewise, he said that state government has also made a payment of VAT refund worth Rs 1700 crore and that of GST worth Rs 500 crore. Mr. Aggarwal said that in order to benefit the industrialist a centralized online inspection mechanism has been initiated as per which a Joint inspection of PPCB and Labour department was done, the report of which was available to the industrialists online within 48 hours.
Extending a personal invitation to entrepreneurs to participate in Progressive Punjab Investors Summit-2019 to be organized at Sahibzada Ajit Singh Nagar (Mohali) from December 5th to 6th, the Chief Executive Officer said that this summit would be a milestone in exploring the tremendous business potential in the state.
He said that it would also act as a catalyst in creating synergy between Punjab and foreign investors, for pushing industrialization on fast track. Mr. Aggarwal said that due to industrial friendly policies of the state government, Punjab was already moving towards greater industrialization in a shift from the traditional agriculture based economy, which had already reached a point of saturation.
The Chief Executive Officer said that the state government had promoted ease of business with its new industrial policy, which is aimed at facilitating investors. He said that has helped in firming up investment worth Rs. 50,000 crore since March 2017.
Mr. Aggarwal further said that since Micro Small Medium Enterprises (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.
The Chief Executive Officer further said that the state government has undertaken a slew of progressive regulatory and policy reforms with an aim to enhance the quality of service delivery. He said it was matter of great pride and satisfaction that Punjab, with just 1.5% of India’s land area, contributes 3% to India’s Gross Domestic Product (GDP).
Mr. Aggarwal said that Punjab was a manufacturing hub and the biggest producer of tractors, bicycle and bicycle component and hosiery woolen adding that state was also a major exporter and had exported goods worth six billion US Dollar in over 200 countries during financial year 2018-19.
Assuring fulsome support and cooperation to investors desirous of investing in the state, the Chief Executive Officer said that knowing well that power was catalyst of industrial growth, the state was providing power at a variable rate of Rs 5 per unit to industrialists.
Similarly, he said that the Punjab was the only state with industrial friendly atmosphere adding that industrialists must avail benefit of congenial atmosphere backed by excellent infra structure, cheap power, skilled human resources and best industrial and work culture.
He said that till now Rs 2037 crore power subsidy has been given to industrialists adding that the state government would also accord top priority to early resolution of issues, if any, faced by industrialists.
On the occasion Chairman CII Punjab State Council Mr. Harsh Chavan, Chairman CII Jalandhar Zonal Council Mr. Barinder Kalsi Vice Chairman CII Jalandhar Zonal Council and Mr. Shivdev Singh welcomed the dignitaries and lauded the steps being taken by the state government.