Rs 3,367 crore outlay for industrial sector in Punjab

Chandigarh, March 5

Finance Minister Harpal Singh Cheema proposed an outlay of Rs 3,367 crore for the industrial sector in the state Budget. This included Rs 3,089 crore for subsidised power and Rs 50 crore for fiscal incentives to industrial units.

Lion’s share for power subsidy

• Rs 3,089 crore will go towards providing subsidised power to industrial units in the state
• Rs 50 crore will be utilised for extending fiscal incentives to the industry

Funds for focal points reduced

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The industry was expecting some concession in power rates and more funds for subsidies and industrial infrastructure. The fund for creation and development of focal points has been decreased from Rs 59.11 crore to Rs 30 crore. — Badish Jindal, National President, All Industries & Trade forum

Cheema said the government had set up a new MSME wing. “This wing will work to enhance the competitiveness of our MSMEs and ensure continuous flow of credit from financial institutions for their expansion and innovation. The move is expected to benefit around 8 lakh MSMEs,” he added.

To further enhance the ease of doing business, the Invest Punjab Business First (IPBF) portal has been strengthened and integrated with the National Single Window portal, he added.

Through this portal, over 10,000 units had already been granted regulatory clearances, while over one lakh units had been provided different services in a time-bound manner. The government had also introduced “green stamp paper” for the registration of sale deeds to ensure faster clearances to industrial projects. To facilitate direct engagement with businessmen across the state, the concept of “Sarkar Vyapaar Milni” was introduced. These events provided an opportunity to the entrepreneurs to put forward their concerns and to jointly work out their solutions.