Punjab woos Investors during CII Invest North
Author(s): City Air NewsChandigarh/New Delhi, July 28, 2014: The Punjab showcased the physical infrastructure, education, peaceful and stable political regime Session on “Advantage Punjab” during CII Invest North 2014 organised by Confederation...
Chandigarh/New Delhi, July 28, 2014: The Punjab showcased the physical infrastructure, education, peaceful and stable political regime Session on “Advantage Punjab” during CII Invest North 2014 organised by Confederation of Indian Industry (CII) at New Delhi where over 15 B2G meetings with investment potential of Rs 4,000 Crores in sectors like IT, Housing, Auto, Infrastructure, Renewable Energy, Food Processing, Life Sciences, etc were discussed between the top officials of the Punjab Government with industrial giants. Over 250 investors, government representatives and diplomats attended the session.
While addressing the CII Invest North 2014, Karan Avtar Singh, Principal Secretary, Investment Promotion said that Punjab Government has initiated the Progressive Punjab Campaign that has led to fructification of 8 mega investment projects in the state with investments from Reliance, Airtel, ITC, Infosys and Cargill.
Anirudh Tewari, CEO, Punjab Bureau of Investment Promotion shared that Ludhiana, the commercial hub of Punjab, has been ranked as the best place for doing business in the country as per the World Bank’s Ease of Doing Business Reports 2009 and 2013 which include parameters like starting a business, getting approvals and conducive environment for labour. Further, RBI has ranked Punjab as third most attractive destination for doing business in 2012-13, he highlighted.
Citing the reasons for attracting investments in the state, he shared factors like easiest place to do business, robust infrastructure, and abundant availability of skilled manpower, responsive and accountable government that makes Punjab an ideal investment destination. He also shared information about the upcoming projects like IT City in Mohali, Medicity in New Chandigarh, Mohali Biotech Park, etc.
Highlighting the landmark reforms on ease of doing business, he informed that Punjab Bureau of Investment Promotion is the one stop destination for all clearances related to doing business with adequate powers to grant clearances and a dedicated relationship manager. Out of 87 applications received since inception, 72 have been granted provisional site suitability clearance.
Sanjeev Pahwa, Chairman, CII Punjab State Council & Managing Director, Ralson India Ltd highlighted the advantages that Punjab offers to the prospective investor. He shared that sectors like textile, light engineering, food processing and off late the sunrise sectors like IT, Electronics, Bio Sciences, Infrastructure and Petrochemical offer significant scope for investors in the state.
Sharing his experience on doing business in the state, Kamal Oswal, Vice Chairman & Managing Director, Nahar Industrial Enterprises Ltd, said that nearly 70 percent of production of their group is based in Punjab. He shared that the government has been very supportive and has been a facilitator rather than a regulator providing stable policy, peaceful industrial environment with no labour unrest.
Pankaj Mahajan, Director- Corporate affairs, Cargill India Ltd and Harish Chavan, Vice Chairman, CII Punjab State Council & Chief Operating Officer, Mahindra & Mahindra Limited (FES)expressed hope that the deliberations and B2G meetings would translate in to more investments in the state.
A Venu Prasad, Secretary – Housing & Urban Development, Government of Punjab was also present during the session.