FICO President meets Deputy Director, Policy Implementation, Government Of Punjab

Ludhiana, June 8, 2019: Gurmeet Singh Kular, President, FICO, met Vishav Bandhu, Deputy Director, Policy Implementation, Government of Punjab, and discussed regarding the New Industrial Policy 2017.
Vishan Bandhu 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.
Gurmeet Singh Kular President FICO said that the Industrialists of Punjab are not getting the benefits of the new industrial Policy, as there is huge lack of awareness of the terms & conditions of the Policy. Also, he enquired about the benefits for the existing industries in the new industrial policy 2017.
Vishav Bandhu said that the existing companies can also get the benefits in new industrial Policy for that their new fixed capital investment should be the 50% OF existing investment, in that scenario, the existing organizations can also avail the benefits.