Asserting that the Punjab has maximum potential to become food processing hub in near future, Punjab Minister for Power and Irrigation Rana Gurjit Singh today revealed that the state government has put food processing sector in thrust areas in its new ‘Industrial and Business Development Policy-2017 offering a host of incentives to food processing units.Cabinet Minister Rana Gurjit Singh, who was here to represent Punjab Government on behalf of Punjab Chief Minister Captain Amarinder Singh in World Food India-2017, informed that the State Govt has signed 36 Memorandums of Understanding worth about Rs. 3000 Crore with entrepreneurs/Corporate Houses during the event and that more inquiries to sign the MOUs are being received and the figure for investment is likely to cross Rs. 3500 crore. He also informed that it will generate about 11000 jobs in the state. Cabinet Minister also said that Punjab CM has already announced to set up a Horticulture University in Punjab that will play a pivotal role in developing the food processing industries in the state.The state government`s presentation focusing on to give impetus to invest in food processing sector in Punjab was attended by over 300 entrepreneurs from renowned industrial and business houses who responded positively to invest on large scale in the state in this arena.
While referencing the initiatives being taken by the Punjab Chief Minister to give impetus to the industrial growth in the state, Power and Irrigation Minister apprised the participants about the new ‘Industrial and Business Development Policy 2017’. He informed that observing the state`s potential to develop in food processing sector in state, Punjab Chief Minister Captain Amarinder Singh has included food processing sector in thrust areas in New Industrial and Business Development Policy to offer a host of incentives to food processing units viz. nominal power tariff; exemption from State share of GST; exemption from stamp duty on purchase of land; exemption from CLU/EDC; exemption from property tax; reimbursement of taxes & fees paid on purchase of agriculture produce for processing.The Minister also mentioned that with implementation/ completion of projects of four mega food parks and seventeen cold chain the state would have much needed state-of-art infrastructure supporting a wide array of food processing industries. He also said that Punjab being the state with agro based economy has the capacity to become the front runner state in the Food Sector arena in the future.