Nod to freeze industrial power tariff at Rs5 per unit

CHANDIGARH: The Punjab Cabinet approved the Industrial and Business Development Policy-2017 here today. Its key features are freezing the industrial power tariff at Rs5 per unit with effect from November 1 and a one-time settlement scheme for sick and closed industrial units.

Tribune News Service

Chandigarh, October 16

The Punjab Cabinet approved the Industrial and Business Development Policy-2017 here today. Its key features are freezing the industrial power tariff at Rs5 per unit with effect from November 1 and a one-time settlement scheme for sick and closed industrial units.

The policy provides for the creation of a Rs100-crore fund to promote start-up culture, besides the establishment of a Skills University and industry-specific skill development centres under one agency — the Punjab Skill Development Mission.

It also offers investment subsidy by way of reimbursement of net SGST (State Goods and Services Tax), exemption from electricity duty and property tax and more incentives for MSME (Micro, Small and Medium Enterprises) units.

Formulated by the Department of Industries and Commerce, the policy is centred on the “business first” philosophy, with a single-window approach to provide simplified and easy clearances and approvals at every stage.

During the Cabinet meeting, Chief Minister Capt Amarinder Singh proposed hiking incentives for the existing industry in border areas from 125 per cent to 140 per cent.

Finance Minister Manpreet Badal said a provision had been included to fix the power tariff for five years for existing and new industries so as to boost industrialisation and revive economic activity in the state.

Rana skips discussion

The FM said the government had brought one-time settlement for industries against loans of around Rs900 crore taken from the Punjab State Industrial Development Corporation (PSIDC), the Punjab Financial Corporation (PFC) and Punjab Agro Industries Corporation Ltd (PAIC). The move will generate around Rs100 crore, Manpreet said.

Power Minister Rana Gurjit, whose company stands to benefit from the scheme, abstained from the discussion on one-time settlement of loans.

Option to private engineering colleges

The Cabinet gave a one-time option to private engineering colleges to chose between Maharaja Ranjit Singh Punjab Technical University and IK Gujral Punjab Technical University, Jalandhar, regarding their affiliation.