It’s time to upgrade industry in Punjab with new tech, say industrialists

Ludhiana, September 26

The economy of Punjab is the 16th largest state economy in the country with 5.29 lakh crore (FY2020-21) in gross domestic product. Punjab ranks 19th among Indian state on the basis of per capita GDP of US$2,090.

The same Punjab ranked first in per capita GDP amongst Indian states in 1981 and fourth in 2001, but has witnessed slower growth than the rest of country in recent years.

Expressing concern over this, industrialists feel that now is the time to upgrade industry in Punjab by adopting new world technologies rather than depend on just entrepreneurship skills of Punjabis.

Pankaj Sharma, general secretary, Chamber of Industrial and Commercial Undertaking (CICU), said, “Being the border state and away from the sea port, there is always location disadvantage for Punjab.”

“The government should focus on products, which don’t have just the volume, but more value addition rather than products, which have less value and more raw material cost. This is imperative because the freight cost of incoming raw material will be more and outgoing finished products from Punjab will be expensive thus making it difficult for the industry to survive in the state,” Sharma added.

“In Punjab, Ludhiana is among the top 10 places/cities in ease of doing business in India. So, we should captlise on it. We have least bureaucratic hassles as well as labour union issues, which we can propagate to encourage investment in Punjab,” said Sharma.

“The time has come for Punjab leaders cutting across all parties to rise above petty issues and sit together and do brainstorming to make a road map for the next 10 years,” Sharma added.

Industrialists rue that the government has not focused on agri-based industry for which raw material is in abundance in the state. “Industry making packaged food for domestic as well as export market should be promoted in the similar manner as hosiery and bicycle parts. As the cost of land is high as compared to other states, the Punjab Government should earmark industrial zones at different undeveloped places in the state, which will not only promote our GDP, but also provide employment in abundance,” said Upkar Singh, president, CICU.

Voicing similar views, Badish Jindal, president, FOPSIA, said, “Ample opportunities should be provided to the youth so that they drop the idea of going to Canada or overseas for greener pastures.”

“Another vital issue is to create interest of bigger groups to invest in Punjab. To create their interest we need to have good business environment as well as government support,” he added. — TNS

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