The Industry and Commerce Minister, Punjab, Sunder Sham Arora has said that the best industrial policy in the country would be implemented very soon in Punjab for giving boost to the industrial sector. He also said that giving relief from State GST, property tax, electricity duty and stamp duty to the industrial sector would be the key features in the new policy.Disclosing this, Arora said that the sick units of the industrial sector would be given the chance of lump sum settlement (One Time Settlement) in the newly modified policy. About the cases of VAT refund, the minister said that deliberations have been held with the finance department and the state government would release funds to the tune of Rs. 300 crore at the interval of every 2 months and till December, 2018 the whole of balance amount would be paid. He further said that the new industrial policy has been framed after consultations with the various stakeholders and it is only after considerations as well as the approval that the policy would be presented before the cabinet.
Arora also said that in the new policy a major thrust has been placed on providing encouragement to the small and the medium industries.He gave a clarion call to the industrialists that they must come forward for investment purposes in the textile and other sectors because every kind of facility would be provided to them in the new policy.He elaborated that Rs. 1440 crore have been released to the powercom for giving power at the rate of Rs. 5 per unit to the industrial sphere.The minister also reiterated that no industrial unit would be allowed to shift out of Punjab and also that the industries department is initiating the process to go fully online with respect to its functioning which would lead to the saving of precious time and money and also result in the info regarding their respective file status being disseminated to every officer and the industrialist.Mr. Arora also said that the state government has provided employment to 1,56,000 jobless youth in the government as well as the non-government sector during the previous 1 year. He also divulged that till now in the state the sanction has been accorded to the establishment of the industries with the investment of Rs. 9200 crore which would provide employment to the 50000 unemployed youth of the state.