To boost MSME sector, Punjab promises Rs 100-cr startup fund
Investor summit: State sets up working group to study proposals
Vijay C Roy
Tribune News Service
Mohali, December 6
The two-day Progressive Punjab Investors Summit-2019 culminated on a positive note on Friday with the state government promising to take big strides towards industrialisation.
Taking note of the key takeaways from the summit, Chief Minister Captain Amarinder Singh on Friday decided to constitute a working group, chaired by the Chief Secretary, within 7 days, to ensure expeditious delivery on all points. A report shall be submitted by the working group on the feasibility of implementing suggested policy measures within a month.
The state government assured investors of industry-friendly policies as the summit showcased the strength of Punjab MSMEs (micro, small and medium enterprises).
Realising that MSMEs face issues pertaining to market access, the Chief Minister announced a dedicated MSME marketing cell.
The state government also announced the setting up of a Rs 100-crore startup fund to boost the MSME sector and the startup culture in the state. The startup fund will be set up by the state in partnership with IKG Punjab Technical University for the promotion of incubators. Also, Venture Capitalists and Angel Networks like Indian Angel Network and Bharat Fund may contribute to this corpus fund. It also tied up with Atal Incubation Centre at the Indian School of Business, Mohali, to foster agri tech startups in the state.
Responding to the industry’s concerns about interference from regulatory bodies for environment and pollution, Captain Amarinder decided to go in for “Auto Consent to the Green Category Industry on Intimation”. With this, the state government will do away with inspection by any regulatory body and consent shall be given to the industry on the same day of the intimation.
Major investments announced
Nahar Group: Rs 300-cr Logistic Park;
Rs 2,000-cr Industrial Park
Trident Group: Rs 1,000 crore in textiles
MoU Signed
Punjab Govt, SEMI Conductor Lab and STPI for microchips
PAU and California state University for research
State ties up with Atal Incubation Centre at ISB (Mohali) for agri startups
