Industry buoyant as infrastructure gets a major leg-up in Punjab

Putting in place a comprehensive and forward-looking new Industrial & Investment Policy, the Capt Amarinder Singh Government in Punjab has succeeded in unleashing a powerful revival of industry in the state, leading to the generation of much needed employment opportunities in the state.

The state government has simultaneously also taken steps to strengthen infrastructure across the state on a war footing. Providing quality free power to farmers and underprivileged sections of society, fixing electricity tariff at variable cost of Rs 5 per unit for industry, fast tracking work on construction and upkeep of roads and bridges, improving infrastructure at existing focal points and establishing new industrial parks has been on top of the agenda of the government.

The confidence the industry has reposed in the government's sincere work done in the field of ease of doing business and positive approach towards new proposals, has resulted in a massive windfall for the state.

The participation of 3500-odd delegates from more than 12 countries in the Punjab Progressive Investors Summit 2019 has created a positive buzz for the state as a favoured investment destination globally and is expected to further accelerate the pace of investment.

Punjab’s Ease of Doing Business Reforms have been catalytic for the extraordinary economic growth realized by the State. Through Invest Punjab, a one stop office and advanced single window system, the State has been able to provide a business-friendly ecosystem to the investors in the State. In the last 3 years, INR 60,000 cr worth of investment is under implementation in the State with a proposed employment for about 2 lakh persons. Among other major measures taken up by the state government are setting up a new 5000 - acre township, Aerotropolis, in Mohali, 16 new Specific Industrial Parks, MSME Punjab Kendras in each district and an Exhibition-cum Convention Centre at Ludhiana. A 383 acre Hi-Tech Cycle Valley at Ludhiana, 1,000 acre Global Manufacturing Park under AKIC project at Rajpura, 117 acre Plastic Park in Sangrur district, Bio-Technology Park in Mohali and a Modern Industrial Focal Point at Nabha are already at various stages of execution.

Steps taken to revive the industrial town of MandiGobindgarh and a One Time Settlement policy, floated by the state government to give entrepreneurs one last chance to settle their dues with state government funding agencies PSIDC and PFC, have been positively received by the industry.

Major power sector reforms undertaken by the state government have resulted in the Punjab State Power Corporation Ltd (PSPCL) coming out of the red for the first time and posting a profit in 2018-19.  Transmission and distribution losses have been reduced drastically. Tariff hike has been restricted to 11.50%, despite hike in coal tariff and Railways freight charges, in comparison to 23.88% tariff hike during the previous government (2012-13 to 2016-17).

Focussing heavily on the roads and bridges network, the state government has speeded up work on repair of village roads, four-laning and upgradation of national and state highways and construction of Railway over bridges and under bridges.

(The above content has been received from the Punjab Government under The Tribune Space Marketing Initiative)

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