Punjab aims Rs 5 lakh crore investments under new industrial policy

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Punjab is hopeful of attracting investments worth Rs 5 lakh crore over the next five years as the Congress-led government is in the process of drafting new industrial policy with special focus on services sector.

Industrial policy, investments, Punjab, India

Besides, the new industrial policy will also focus on revival of existing industries by promoting a “business first” philosophy.

State Chief Minister Amarinder Singh held a meeting to discuss the state’s new draft industrial policy.

Addressing meeting, the chief minister emphasized on the need for a mindset change in the government with focus on facilitation. Industry and business houses should be treated as partners and not be subjected to suspicion, he said.

The new policy should focus on revival of industry, with preference to existing industries, said the chief minister, adding that the state should extend all possible help to industries and businesses, especially to MSMEs, to develop and expand.

The discussion also took place on the need for infrastructure development to facilitate business and it was proposed to set up a Punjab State Industrial Infrastructure Corporation for this purpose, according to a spokesperson of the Chief Minister’s Office (CMO).

Besides upgradation of the power sector, the policy would look at the development of four industrial parks and 10 industrial estates as part of the policy, which will be focused on enhancing ease of doing business in Punjab.

Identifying the services sector as a key priority in the proposed policy, the CM said his government was targeting a total investment of Rs 5 lakh crore in five years around the seven core strategic pillars of growth.

These pillars have been identified as infrastructure, power, MSME, startup and entrepreneurship, skill development, ease of doing business and investment promotion, and fiscal incentive. The policy, being prepared to synergise with the central government industrial policy, would envisage one anchor unit for all the priority sectors.

As per the discussion, the state is keen to focus on manufacturing in textile and apparel, cycle and cycle parts, automobiles and auto components, light engineering, leather and sports goods, petro-chemicals, secondary steel, NRSE equipment, agriculture and food processing, electronics, biotechnology & pharmaceuticals, aerospace and defence.

By Baishakhi Dutta

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