Punjab govt rolls out new industrial policy

Punjab govt rolls out new industrial policy

Punjab deputy chief minister Sukhbir Singh Badal on Monday unveiled a new policy of fiscal incentives for industrial promotion in the state.

He said all earlier steps taken by the screening and empowered committees have been discarded, with Punjab becoming the first state to provide online approvals in a transparent manner.

The core group of industrialists that gave feedback on the requirements of the industry in a four-month-long intensive brainstorming exercise has enabled Punjab to come out with one-of-its-kind ‘earn your incentive’ policy, under which sops will be offered better than other states, said Sukhbir.

“It is an aggressive, incentive based policy that besides changing the paradigm of industrial development, will facilitate investment in the state,” he said.

The cabinet cleared the new industrial policy under the chairmanship of CM Parkash Singh Badal earlier in the day.

Sukhbir said Punjab has suffered in attracting industry as it is a landlocked state, and is surrounded by hilly neighbouring states where taxes are less.

“Punjab has taken a proactive step to facilitate investment in the state by offering maximum incentives than any state, ensuring surplus power besides 24-hour power supply to the IT industry, world-class infrastructure, regulation-free regime and on the top of that, self-attested proposals without any site verification,” he said.

Badal said the new policy focuses on three points — incentives, simplifying procedures and facilitation. He said the various zones that have been categorized will have different incentives.

SAS Nagar Mohali and Amritsar have been declared IT hubs, he added.