FICO organized an Awareness Session on New Industrial Policy 2017 & Business First Portal

Ludhiana, June 21, 2019: Today, FICO organized an Awareness Session on New Industrial Policy 2017 & Business First Portal at office General Manager District Industries Centre, Near SBI Miller Ganj Ludhiana, where Mr.Mahesh Khanna GM DIC, was the Key Note Speaker. More than 50 members have attended the session.

Mr.Khanna, GM DIC, briefly elaborated the high points of the New Industrial and Business Development Policy 2017, Aimed at promoting ease of doing business, the policy is founded on the eight strategic pillars of infrastructure, power, MSME, startup and entrepreneurship, skill development, ease of doing business, fiscal and non-fiscal incentives, stakeholder engagement and policy implementation unit and sector specific strategies, Besides incentives for expansion and upgradation of existing units, the new policy envisages a one-time settlement for loans taken from the Punjab State Industrial Development Corporation (PSIDC), the Punjab Financial Corporation (PFC) and the Punjab Agro Industries Corporation Ltd (PAIC). Single window facility to existing enterprises at the district level and special relief for sick MSME units are other features. These will involve deferment of recovery of arrears of electricity duty, power bills, house tax and water charges for a period of five years. These units shall also be exempted from minimum charges for electric connection during closure period and incentive of exemption from electricity duty for two years shall also be provided. These units shall be exempted from minimum charges for electric connection during closure period and incentive of exemption from electricity duty for three years shall also be provided. The policy provides incentives such as investment subsidy by way of reimbursement of net SGST, exemption from electricity duty, property tax etc. MSME units have been given more incentives than large industries, including access to finance, infrastructure, markets and technology etc.

S. Gurmeet Singh Kular President FICO said that as Industrialists we all should avail the benefits being provided under the New Industrial Policy 2017.