Punjab Notifies New Industrial Policy
Laxmi Mittal proposed to invest Rs 2300 crore in Petro chemical sector
5 Dariya News
Chandigarh 05-Dec-2013
In a historic step, The Punjab Government today notified much awaited New Industrial Policy 2013 to provide biggest ever incentive package for industry besides aiming to ease out business in the state. Addressing the Media persons regarding this, Madan Mohan Mittal, industries and commerce minister, Punjab said that the world class infrastructure has been established by the SAD-BJP Government in Punjab under the leadership of Chief Minister Mr Parkash Singh Badal and Mr. Sukhbir Singh Badal, now this policy enriched with incentives would change the industrial scenario in Punjab. Replying a question about the Progressive Punjab Summit to be held on December 9 and 10 at ISBT Mohali, Mr Mittal said that “It is an attempt to showcase the opportunities of investment in the state to the whole world”. Mr Mittal said that more than 30 Companies have sent their proposals to sign MOUs with State Government worth Rs 50000 crore investments at the investor summit, which would provide employment to one lakh youths in next 2 years. Besides that steel king L.N. Mittal has also sent a proposal to invest Rs 2300 crore in the Petro chemical sector in the state. He said that “we are focusing on sectors which have large scope to grow according to the geographical, Economic and Market aspects of the state like textiles, engineering, Information Technology (including electronic systems and IT-enabled services), Agro and Food Processing, Tourism, Health, Infrastructure, Sustainability, Skills and Bio-sciences. Talking about the newly set up Punjab Bureau of Investment Promotion,
Mittal said that the bureau would be headed by Mr Anirudh Tiwari. The office of the Bureau has been set up at Udyog Bhawan, Sector 17 Chandigarh and all the concerned regulatory departments would have their representatives in the Bureau.Giving the details of the liberal package of fiscal incentives for Manufacturing sector, Integrated Textile Units, Agro and Food Processing sector, Electronics Hardware and Information Technology Industry, Tourism Sector and Health Sector, he said that the package has been framed after detailed discussions with all stakeholders, Industrial associations, entrepreneurs and concerned Government Departments. VAT/CST incentives upto 80% of the amount payable are being offered for the first time to the Manufacturing including Electronics Hardware and IT Sector projects. For Integrated Textile Units with investment of more than Rs.150 crore, Agro and Food Processing sectors this exemption is upto 90%.Electricity Duty,Stamp Duty and Property Tax incentive has been offered to all sectors across the board.Keeping in view the interests of small and medium industry, for the first time, State Govt. has offered VAT/CST, Electricity Duty, Stamp Duty and Property Tax incentives to SME units (investment Rs.1cr to Rs.10cr) set up in approved industrial parks/ industrial focal points. For equal development in the entire state, Punjab Government has announced higher incentives for industrially less developed districts like border area as compared to relatively more developed districts.