To leverage state’s intrinsic strengths, Punjab govt extends support to local investors, existing industry

NewsBharati    04-Jun-2018
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Chandigarh, June 4: In a bid to create more employment and have a booming income, the Punjab government on Saturday vowed to take more steps to strengthen its support to local investors and existing industry to leverage state’s intrinsic strengths.

 

Notably, continuing his consultations and engagement with the local industry, Punjab Chief Minister Captain Amarinder Singh promised to take more steps to strengthen the state government’s support to local investors and existing industry in the state.

CM Amarinder Singh made this assurance during the second round of informal consultations with industry to elicit their views and feedback before finalising the operational guidelines of the new industrial policy. The policy, along with the operational guidelines, are expected to become fully functional by July 1, 2018.

Time-bound delivery of regulatory and fiscal clearances was the top priority of his government, which was looking at incorporating the concept of deemed clearances to ensure hassle-free business experience, said the Chief Minister.

Assuring all assistance to industry in setting up their units in the state, the Chief Minister welcomed suggestions and directed the Chief Principal Secretary to examine and incorporate the same in the operational guidelines.

Captain Amarinder Singh also urged the industry to come forward to complement the state's aggressive efforts in development and creation of jobs to bring the state back on the track of growth and progress. It was their shared responsibility to re-energise and reinvigorate the state infrastructure through industrial revolution so that Punjab could reclaim its place of glory, he told leading captains of industry, whom he described as Ambassadors of the state.

The Chief Minister, in the end, expressed satisfaction at the improved investor sentiment in the state, as evident in the interest shown by major industrial houses in investing in Punjab.

Earlier in May this year, the Punjab government signed a MoU with 21 industrial houses in Ludhiana, worth Rs 1336.87 crore. The industrial groups include Happy Forgings Pvt Ltd (400 crores), Ludhiana Beverages Pvt. Ltd (220 crore), Million Exports (200 crore), Pact Industries Ltd (170 crore), Eastman International (90 crore), Bonn Group of Industries (50 crore), KG Exports (21 crore), Sharu Steel (10 crore), Ramaya Balaji Alloys Pvt Ltd (6 crore), KNL Drive Line Pvt Ltd (10 crore), Trishala Alloys Pvt Ltd (5.92 crore), Jagraon Concast Pvt Ltd (2.5 crore), Skyway Forge (4 crore), Panama Alloys (5 crore), Seth International Corp.(22 crore), Bawa Knit Fab Pvt Ltd (50 crore), New Swan Group of Industries (30 crore), KHK Alloys Pvt. Ltd (2.5 crore), Renny Strips (P) Ltd (25 crore), Sardar Associates (2.5 crore) and SRV Steels (7.5 crore).