Industry to invest Rs 10,000 crore in Punjab
Doyens of the industry, who came from all over the world to participate in the inauguration of the three-day Progressive Punjab Investors’ Summit here, have committed to invest Rs 10,000 crore in Punjab by expanding their operations.
From ArcelorMittal to JSW Group and Tata Steels to the home-grown conglomerate, Trident Group, many industrial houses today not only gave a thumbs up to Punjab’s New Industrial and Business Development Policy, but buoyed by their experience, also announced plans to expand their operations in the state, in turn assuring to create thousands of jobs for the youth.
As the Punjab Government, led by Chief Minister Bhagwant Mann and Industry and Investment Promotion Minister Sanjeev Arora, rolled out the red carpet for the industry, leaders of both large industrial houses and micro, small and medium enterprises (MSMEs) said it was the indomitable Punjabi entrepreneurial spirit that drew them to the state and that they were all for a sustainable industrial development model.
Mann, while welcoming the industry leaders, said, “We are creating an ecosystem that propels growth. Our policy is demand-driven and covers all industrial sectors”. Industry Minister Arora said the government did not believe in just showcasing big industry faces at the summit. “Only those industrialists are present here who have invested in the state. As we march towards high-tech industrialisation, we are also doing our bit for sustainable development. Soon, 15 per cent of energy used in Punjab will be renewable energy,” he said. AAP national convener Arvind Kejriwal was the chief guest at the summit.
During the summit, being held at Plaksha University here, all industry bigiwgs who have already invested in the state took the centre stage today. Investors from the UK, Japan and Korea are also participating in the summit, with UK-based company 3 Associates announcing its plan to invest Rs 1,407 crore in the state and Japanese company Toppan Speciality Films planning to invest Rs 300-400 crore. Special sessions with investors from the two countries were held after the inaugural session.
Lakshmi N Mittal, Executive Chairman of global steel major ArcelorMittal, said they would infuse another Rs 2,600 crore in Guru Gobind Singh Refinery for starting production of speciality and fine chemicals, which in turn would open new opportunities for pharma and chemical sectors. “The company is also investing in green energy in Bathinda and will increase its participation in renewable and sustainable energy in the future. We will also be opening 500 artificial intelligence-powered retail fuel outlets across the country, with the first one being in Bathinda,” he said, adding that there was scope to develop downstream petrochemical hub near the refinery. HMEL, which owns the Bathinda refinery, is the largest single site investment in Punjab, having invested Rs 60,000 crore till date.
Tata Steels, which is setting up a specialty steel manufacturing unit in Ludhiana, is also betting big on the state. CEO and Managing Director, Tata Steels, TV Narendran appreciated the Punjab Government for fast-tracking the project. “We have had a great experience in Punjab, with our project set to be commissioned within two years since the board gave its approval. The company has invested Rs 3,200 crore and this is just the beginning,’ he said, adding that their focus was on green steel manufacturing.
Trident Group Chairman and Rajya Sabha MP Rajinder Gupta said the new industrial policy addressed the concerns of industry. “We have decided to invest Rs 5,000 crore in the next two years, which will create 10,000 jobs, 5,000 of which will be given to women,” he said
JSW Chairman Sajjan Jindal said he could foresee an industrial renaissance in Punjab soon as Punjabis were among the most innovative people. “There is tremendous opportunity in Punjab, which is emerging as a vibrant industrial hub. We will expand our Rajpura plant by investing Rs 3,000 crore to enhance capacity in the steel sector,” he said. Hero Enterprise Chairman Sunil Kant Munjal said the summit was a serious effort on the part of the government to bring Punjab back on the industrial track. “The policy is encouraging, but it’s as good as its implementation. The entire system in the state will have to stand up to implement it as there is healthy competition within states to attract investment. Let’s take full advantage of this unique opportunity to make Punjab a leading state in the country,” he said.
