Updated on Sep 22, 2018 20:24:20

 

 

Fiscal Incentives Galore For Industrial Sector

Punjab Bureau Of Investment Promotion A One Stop Solution For Obtaining All Clearances For Setting Up Ventures

Web Admin

Web Admin

5 Dariya News

Chandigarh , 30 Jul 2018

The Punjab Government has taken multiple initiatives which have infused confidence and positivity in the business and industrial environment in the state. The State Government had unveiled pro industry policy in 2017 to give impetus to economic growth in the State. The operational guidelines were finalized after wide consultations with the Industry stake holders. There are unmatched fiscal incentives have been offered in the policy. There are liberal Incentives for expansion/modernization of existing units under the policy as demanded by the industry.Disclosing this, an official spokesman said that the power tariff at Rs.5 per unit has been notified for all categories of Industry resulting in the rejuvenation of a large section of industry which is power intensive in nature. The State government has proactively abolished Truck Unions to ease logistics hurdles. The Cluster development programs for existing micro and small industries have been fast tracked. The State will set up 4 new Industrial parks and 12 new Industrial Estates. The work of Agri-Machinery Industrial Estate at Nabha is near completion and likely to be launched soon. The development of  Hi-Tech Cycle Valley at Ludhiana is likely to commence by October 2018. The Cycle valley shall be a state of art facility for Hi tech cycles, E-Bikes and Auto, Auto Component sector including the E-vehicles.

Listing out other finer points, the spokesman said that the policy has special mechanism for the revival of stressed assets of Sick Units. The Government is an active partner with the industry to address the demand of skilled manpower. Job Fairs are being organized in every district. An online portal called ‘Ghar Ghar Rozgaar’ has been created for the same. The Multiple skill development centres have been set up and a Skill University/ College shall also be established in near future.The spokesman also said that the government has provided liberal fiscal incentives to attract new investment and encourage expansion of units in the state. Incentives to Anchor units include Investment Subsidy by way of reimbursement of net SGST (State Goods and Service Tax) for a period of 15 years subject to 200percent of FCI(Fixed Capital Investment), 100 percent electricity duty exemption, 100 percent exemption/reimbursement of stamp duty, 100 percent exemption of CLU/EDC charges, employment generation subsidy etc.Similarly, fiscal incentives and non-fiscal incentives have been provided for thrust sectors, Large, MSME and border zone Industries as well. For ease of doing business, Punjab Bureau of Investment Promotion office provides one stop solution to all investors in obtaining regulatory and fiscal incentive approvals from the conceptualization stage to the grounding of project and after care also. The dedicated relationship officers provide single point contact and online interface allows submission of common application form, e-payments of fees and downloading of digital approvals.

 

Tags: Spokesman Punjab Govt

 

 

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