Industrial fillip

THE Centre’s nod to set up an industrial smart city in Rajpura presents a now-or-never opportunity to Punjab to establish itself as a major destination for investors. Fiscal mismanagement by successive state governments has led to the double whammy of high indebtedness and low investment, stifling the state’s potential for economic growth. The fact that Rajpura has been chosen as one of the 12 sites for projects on the Golden Quadrilateral, which connects the country’s major industrial, agricultural and cultural hubs, shows that the border state is very much part of the Centre’s scheme of things.

Chief Minister Bhagwant Mann’s recent visit to Mumbai, where he met several industry leaders, was an attempt to showcase Punjab as an investor-friendly state. In 2022, the state was listed among the ‘top achievers’ in ease of doing business, rubbing shoulders with Haryana, Andhra Pradesh, Gujarat, Karnataka, Telangana and Tamil Nadu, according to the Business Reforms Action Plan report of the Union Ministry of Commerce & Industry. The vastly improved performance on this count indicates that Punjab can provide a conducive environment to attract big-ticket investments. For that, it is vital to cut red tape and minimise disruptions. Domestic as well as foreign investors prefer to pump their money into states where hassle-free, uninterrupted industrial activity can be conducted.

Around 1,100 acres have been acquired and fenced for the Rajpura project. This is a welcome development, in stark contrast to the land acquisition hitches that have led to the termination of some national highway projects in the state. With India-Pakistan relations remaining in deep freeze, Punjab continues to suffer on the trade front, besides battling the drug menace, unemployment and the exodus of its youth to foreign lands. Hopefully, the industrial smart city, where world-class infrastructure will be created, will help the state make an economic turnaround and incentivise its young people to stay on and work here.