Punjab has achieved a new milestone in the Industrial sector as the industry and commerce segment has crossed Rs. 21000 crore in Industrial export During the financial year 2011-12 registered an increase Rs.3872 crore as compared to previous year. Industrial export has registered a massive increase as it has reached to 21,302 crore against the 17,430 crore during 2010-11.Appreciating the role of industry in the economy of the state, the Industry Minister, Punjab Mr Madan Mohan Mittal said that Punjab was rapidly emerging as the export hub across the nation, due to the industry and traders friendly policies of the Punjab government. The record export goods mainly produced by the small and medium industry which includes eatable goods, Clothes, Sports goods, Handicrafts, Machine Tools, Auto Tools, Engineering and Electronics products, Drugs and Spare Parts. It may be mentioned here that presently more than 1 lakh and 70 thousands Small and 450 Medium scale industrial units operating in the state.
Mittal also said that keeping in view the contribution of small and medium scale units in the economy of state, Punjab government has announced various incentives to set up new units worth Rs one crore in new industrial policy, which would further give a big push to this sector. He further added that to ease out the investment procedure in the state, Punjab Government has approved the formation of country’s maiden Punjab Bureau of Investment Promotion (PBIP), an apex body for all industrial issues, to provide hassle free clearances and approvals for setting up of new industries