Incentivise industry as per its needs: Punjab CM

Chandigarh, May 24

CM Capt Amarinder Singh today asked “Invest Punjab” to work out a model where incentives could be given as per the needs of the industry on a case-to-case basis.

Chairing the third meeting of the Board of Governors of Punjab Bureau of Investment Promotion (PBIP), he said his government would walk the extra mile to attract investments to the state and create job opportunities for the youth.

Invest Punjab CEO Rajat Agrawal gave a presentation about the work done by the Bureau in the last four years. He said 2,394 projects worth Rs 84,500 crore had come to the state. Out of these, 53 per cent projects had already started commercial production and another 35 per cent were in various states of construction, trial production and commissioning. 24 per cent of the total projects have come to SAS Nagar, while 22 per cent to Ludhiana.

Hero Group MD Pankaj Munjal said his company had already tied up with Japanese Yamaha and Mitsui, besides other companies of Germany and the UK to set up facilities in the Hi-Tech Cycle valley.

Bhavdeep Sardana, Chairman, CII, Punjab State Council, stressed the need for setting up a steel city in Punjab considering the existing growth and potential in secondary steel, forging and machining.

Sri Tool Industries MD SC Ralhan underlined the need to boost infrastructure for manufacturing of hand and power tool to boost its export potential.

Vardhman Group MD Sachit Jain updated the CM about investments made by AICHI Steels of Japan in Punjab through Vardhman Steels. Finance Minister Manpreet Badal suggested that a hi-end office must be set up in New Delhi with Bureau’s top team to guide the interested entrepreneurs and industrialists. — TNS

Rs 84,000 cr projects in 4 years

• The state has received 2,394 projects worth Rs84,500 crore in the last four years
• Of these, 53% projects have started commercial production, while 35% are in various stages of construction, trial production and commissioning
• The state also saw investment in interior districts of Sangrur, Bathinda and border districts of Gurdaspur, Amritsar, Pathankot