AAP govt in Punjab to launch new industrial policy

In a significant move towards formulating a new industrial policy, the Aam Aadmi Party (AAP) government in Punjab on Thursday announced the establishment of industry-specific committees aimed at accelerating industrial development in the state.

Industry Minister Sanjeev Arora said that a total of 22 committees would be formed, each headed by a prominent figure from the respective sector.

These committees would advise the government on both fiscal and non-fiscal incentives required to support their industries.

Three committees are being constituted for the textile sector alone, while others would focus on key areas such as auto and auto parts manufacturing, electric vehicles, sports goods, pharmaceuticals, agri-food processing, and more.

“The committees are expected to submit their suggestions within 45 days, so that the government can move swiftly to unveil its much-anticipated Industrial Policy,” Arora stated.

This development follows the Punjab Industrial and Business Development Policy 2022, which aimed to improve the ease of doing business in the state but did not yield the desired investment inflows.

In response, the government earlier this year launched the Punjab Udyog Kranti initiative. It promises faster business approvals within 45 days, a streamlined single-window system for online applications, and robust support for MSMEs and startups. The initiative also identifies 14 manufacturing and seven service sectors as key focus areas.