Punjab industries to get power at Rs 5 per unit; state government aims to revive economic, industrial activity

NewsBharati    17-Oct-2017
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Chandigarh, October 17: Capt Amarinder Singh-led Punjab government on Monday announced a new industrial and business development policy, paving way for fixing of industrial power tariff at Rs 5 per unit which is now Rs 8 per unit and a one-time settlement of industrial loans. This massive decision was taken by Punjab government with an aim to revive economic and industrial activity in the state.

 

Notably, the council of ministers chaired by Punjab CM Capt Amarinder Singh approved the New Industrial and Business Development Policy 2017 to revive economic and industrial activity in the state. The new industrial power tariff will come into effect from November 1 and will be applicable for five years. The new policy will apply for both, existing and new industries.


Under the new Industrial and Business Development Policy-2017, the state government will provide a power tariff at Rs 5 per unit to all the existing and new industries. The other highlights of the new Industrial and Business Development Policy are a one-time settlement of industrial loans taken from the Punjab State Industrial Development Corp., the Punjab Financial Corp. and the Punjab Agro Industries Corp. Ltd and a Rs100 crore fund to promote start-ups.


The state government spokesman said, “The One Time Settlement (OTS) Policy, 2017, would help in releasing the blocked industrial investments and assets to put the same into productive use so as to revive the existing industries in Punjab.”“It will also result in reducing the burden of litigation of these corporations and generate revenues for their developmental activities,” the spokesman added. He said that the new policy is aimed at promoting ease of doing business to attract investment in Punjab.


Meanwhile, Confederation of Indian Industry has complimented the Government of Punjab for approving a comprehensive, forward-looking and industry-friendly 'New Industrial and Business Development Policy 2017'. Sumant Sinha, Chairman and CEO of ReNew Power Ventures, said the new Industrial Policy clearly demonstrates the State Government’s intent and commitment to accelerate the Industrial growth in the state.