Punjab seals investments of Rs.15000 crore by approving 163 projects-Sukhbir Singh Badal

New Delhi, July 24, 2015: Punjab Deputy Chief Minister Mr Sukhbir Singh Badal today invited foreign investors to become active partner in the ongoing success story of Invest Punjab even as he announced the State had sealed investments worth Rs 15,000 crore in the last one year by clearing 163 projects.

While presiding over a pre summit interactive session with foreign missions and international industrial chambers here, Mr. Badal said the State had also pre cleared 300 hectares of land which was available for business operations in Punjab. He said the process of creating a large land pool had also been initiated and that soon 2000 hectares of more land would be available for industrial projects.

While detailing other measures being taken by the State to make it easy for investors to do business in Punjab, Mr Badal disclosed that one month from now no Inspector of any department would be allowed to enter any factory premises in the State. “We want to do away with any unnecessary harassement”, he said adding factory owners could fill in self declarations regarding various norms being fulfilled by them”. He said the State would however hold random checks and in case of any defaults due action would be taken as per the law.

The Deputy chief minister also disclosed the innovative manner in which Punjab had geared itself to give the best possible facilitation to investors in the world. He said in a unique and revolutionary step, the State had created a Punjab Investor office whose CEO had the powers of 30 departments. “Never has such an experiment even been tried elsewhere”, he said adding the step was already bearing fruit. “Time taken for all required clearances as per law in Punjab has gone down to 38 days and we expect to bring this period down to 30 days soon”, he added. He said that this one year old ‘Unified Regulator’ has accepted 163 projects by sealing investments worth Rs. 15000 crore besides becoming a navigator for other states and country as well.

Mr. Badal also detailed that Punjab had made the investment process very easy and investors now had to contact one person, make one telephone call and reach one office that is the office of Punjab Invest CEO Anirudh Tewari. “Our system has been so successful that Prime Minister Narendra Modi has sent a team to examine the system. “I feel the Union government can also replicate our system and create an India Invest office for the entire country”, he added.

Ambassadors of few countries as well as trade and business delegates also interacted with the Deputy chief minister on the occasion. South Korea Ambassador Joon–gyu Lee appreciated Punjab’s policy, particularly the innovative manner in which it had extended benefits like VAT retention. Chinese Minister Counsellor Mr. Li Bijian also commended the Punjab government for creating an ideal investment environment in Punjab and making the land acquisition process easy and hassle free for new investors. Other speakers wanted to know about steps being taken by the Punjab government to attract NRI investment besides other incentives being offered by the State.

Dignitaries participated in the pre summit interaction includes Mr. Larbi Reffough Ambassador Morocco, Mr. Jeff Huang Economic Secretary Taiwan, Mrs. Seema Bahl, Business Development Manager Poland, Ms. Robyn Kessler Principal Commercial  Officer ( North India), Mr. Jonathan Kessler North India Coordinator, USA, Mr. David Lelliot Deputy High Commissioner UK, Ms. Llika Maan, Counsellor, Economic Services France, Mr. Gregory Harvey Trade Commissioner, Australia, Mr. W.A. Iskandar, Second Secretary ( Economic. Affairs) Malaysia, Ms. Chitraporn Lerttaweewit Second Secretary ( Economic Affairs), Mr. Tep Tepsatit M/s CPS ( Thai Food Company), Ms Elettra Verrone, Second Secretary (Economic and Commerce), Mrs. Antonella Simonelli, Senior Commercial Officer, Dr. Amendo Scarpa, Trade Commissioner, Italy, Mr. Carlos Jimenez Aguirre, Chief Economic and Commercial Counsellor , Spain, and Mr. Markcus Holknekt, Second Secretary Sweden.

Earlier CEO of PBIP Mr. Anirudh Tewari welcoming the delegates said that Punjab has peaceful labour relations vis-à-vis conducive business environment for the speedy growth of industries in the state. He said the fiscal incentives being provided by Punjab was matchless in the country especially VAT retention and ease of doing business.  He urged the foreign delegates to take full advantage of immense potential, world class infrastructure including air and road connectivity, abundant power by the state for the facilitation of investors.

Principal Secretary Investment Promotion Mr. Karan Avtar Singh, Media Advisor to Deputy Chief Minister Mr. Jangveer Singh and Mrs. Kalpana Mittal Barua, Principal Resident Commissioner also present.