PUNJAB’S new investment promotion policy to be operational from April 1: Sukhbir

Chandigarh, March 12, 2013:The Punjab is all set to unveil ‘New Industrial Promotion Policy’ focused on inclusive growth of the state from April 1 this year.

This was announced by Punjab Deputy Chief Minister Sukhbir Singh Badal, who is also Minister for Investment Promotion while inaugurating North India Textile Conclave 2013 organised by Confederation of Indian Textile Industry here today.

Badal said that he had constituted a core group of Industrial honchos and based upon their organised inputs besides incorporating the suggestions of Governance Reforms Commission, Punjab is all set for a game changer Industrial Investment Promotion Policy. He said that the New Policy besides focusing on inclusive growth, tapping the inherent advantages of the state, would lay out the blue print for Industrial revolution for next 25 years.

Describing Textile as a biggest catalyst of growth, Badal said that the beauty of this sector is that it ensures dispersion of prosperity in every section of the society besides giving a big push to employment especially to the women. He said that promotion of Textile Industry was our main agenda and New Investment Promotion Policy besides cutting red tapism and archaic rules would be aggressive policy to attract investment in every sector.

Presenting Punjab as best investment destination in the country, Badal said that it would be the first state in the country that would be Power surplus by December and would be able to sell power to other states. “We have demand of power from even Pakistan and it was for Union Government to take a decision (to allow export of power to Pakistan or not)”, He said that besides power, Punjab offers world class road connectivity with every city linked with 4/6 lane roads, Air connectivity with 3 international and 3 domestic airports. He said that with the opening of Attari Border and likely approval of export and import of 6000 goods, Punjab is on threshold of becoming above South-East Asia. He announced that Union Civil Aviation Minister would inaugurate newly constructed Bathinda Airport in the month of March only.

Inviting Textile entrepreneurs to set up their industry in the state, Badal said that Punjab Government would offer conducive atmosphere for industrial growth besides industrial peace. He said that whatever industry that has gone to Uttrakhand and Himachal Pradesh has started coming back after withdrawal of concessions to hill states. He said that with world class infrastructure and Punjab topping on consumerism, industry would find a best investment scenario in the state.

Focusing on Revenue Generation, Badal said that Punjab that has clocked Rs. 15,500 crore in VAT collection this year, is set to achieve Rs. 21,000 crore target in next two years that would be 7 fold increase in VAT collection from Congress era. He said that by July end all departments including Excise and Taxation Department would provide all citizen services online to the citizens.  

Earlier, S.V. Armugum, Chairman CITI welcomed the Deputy Chief Minister. Kamal Oswal, MD Nahar Industries spoke about the new challenges for Textile Sector and Rajinder Gupta, Chairman Trident Group spoke on Role of Textile in Punjab Economy while Shilpa Divekar Nirula, Director Monsanto India Ltd spoke on Innovation and Technological Development in Cotton sector.

In a question-answer session, Badal assured cotton farmers that Punjab Government was duty bound to provide quality cotton seeds, weedicides, insecticides, pesticides and manure to the farmers besides assuring total technological support. He said that he would soon call Vice Chancellor Punjab Agriculture University and ask him to develop ‘disease resistant cotton variety’ that could double the output of cotton.