Punjab News/Sukhbir okays formation of Punjab Bureau of Investment Promotion for all industrial issues

Chandigarh, November 27, 2013: Sukhbir Singh Badal, Deputy Chief Minister, Punjab and Investment Promotion Minister okayed the formation of country’s maiden Punjab Bureau of Investment Promotion (PBIP), an apex body for all industrial issues, fulfilling his commitment to provide hassle free clearances and approvals for setting up of new industries under one roof through ‘single window’ system in reality.

This was decided in a high level meeting in the presence of Industries and Commerce Minister Madan Mohan Mittal and Local Bodies Minister Anil Joshi besides administrative secretaries of all departments. Badal also asked the authorities concerned to bring the draft bill in this regard in the coming cabinet meet so the single window system for the facilitation of industries could be implemented as soon as possible. Adding further he asserted that this first of its kind Investment Promotion Bureau would be made functional before ensuing Progressive Punjab Investor’s Summit scheduled on December 9 and 10.

Badal said that this Bureau was being formed with a motto to provide one-stop clearances within stipulated time to all proposals of new investments in the state along package of fiscal incentives for industrial promotion-2013.

Reviewing the blue print of PBIP in detail, the Deputy CM giving his nod for its formation said that this Bureau would be supervised by a senior officer, who would look into all affairs related to industries in the capacity of Chief Executive Officer. He said that the CEO would provide all approvals/clearances and relevant information to the industries on a single application submitted by industrialists.

The Deputy CM said that the CEO would receive, process and approve all investment proposals including new investments and modernization, upgradation and expansion of existing industrial units. He said that he would be competent authority to issue Certificate of Eligibility for incentives.

The Deputy CM also informed that Chief Minister would be the head of Bureau in capacity of Chairman while he, himself, would be the Co-chairman to keep a check on the functioning of PBIP. He said that in governance body would consist various ministers including Finance, Agriculture, Health, Tourism, Labour,  Food Processing, IT, Housing, Local Bodies, Science Technology besides Chief Secretary and concerned Administrative Secretaries as Members. The CEO would be the Member Secretary. There would be three technical experts and five representatives of Trade, Industry and Commerce.

The PBIP would also have an Executive Committee to guide, monitor and review the functioning of the Bureau under Chief Secretary as Chairman. 

The Deputy CM said that the executive committee would regularly monitor, supervise and review the functioning of the Bureau and it would be fully responsible for organizing campaigns, events, conferences and meetings for promoting Punjab as an investment destination both in India and abroad.

The Deputy CM also said that more than 30 MoUs with Industrial honchos would be inked during Progressive Punjab Investment Summit.  He said that these MoUs would fetch an investment of Rs. 25000 crore, which would further accelerate the pace of industrial development in the state.