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Booster for industry planned
Punjab to do away with need for change in land use
Naveen S Garewal
Tribune New Service

Chandigarh, February 18
To promote investment in Punjab and give a boost to the industry, the state has decided to do away with the need for change in land use for setting up industrial projects, provide one-time settlement for loans and give incentives to the industry in the border areas. All this will form part of the new industrial policy that will go for the formal approval of the cabinet on Friday.

Speaking to The Tribune, Industries Minister Manoranjan Kalia said the state’s industrial policy has been finalised with a view to offset the fallout of the global slowdown. “We have taken some revolutionary decisions in the interest of Punjab’s industry, but before the same are implemented, we will take these to the cabinet when it meets on February 20 to get the stamp of approval”.

Giving out details, Kalia said decision on change in land use would make a large amount of land available to the industry giving a boost to investment in the state. “Our government is committed to help out the industry in each and every part of the state and industry of every kind. This is a revolutionary step that will go a long way to help boost state’s economy”.

Other than this, the Industries Department also held a meeting here today to finalise the modalities of one-time settlement for loans taken from the Punjab Financial Corporation (PFC) and the Punjab State Industrial Development Corporation (PSIDC). The government has decided to turn all its bad debts into a profitable settlement and use this money for other purposes.

The new industrial policy, to be implemented as soon as it is the approved by the cabinet, will provide special incentives to industries in the border areas. “The industry in the border areas is disadvantaged as compared to other industry, so we have taken measures to provide it with some level playing field. Besides we also want to encourage industrial growth in the border areas”, he said adding that the new industrial policy will take care of all such inequalities being faced by the industry.

Concessions on VAT, increase in floor area ratio, major exemptions in power duty is also being considered in the new policy.

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