Punjab woos investors during CII Invest North | chandigarh | Hindustan Times
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Punjab woos investors during CII Invest North

chandigarh Updated: Jul 28, 2014 21:20 IST
Advantage Punjab

Officers from Punjab on Monday showcased the infrastructure, education, and peaceful and stable atmosphere in Punjab at “Advantage Punjab” during the CII Invest North conclave organised by the Confederation of Indian Industry (CII) in New Delhi, where investment potential of Rs 4,000 crore was discussed.

Investment possibilities in the fields of IT, housing, auto, infrastructure, renewable energy, food processing and life sciences were discussed during the conclave.

In his address, principal secretary, investment promotion, Karan Avtar Singh said the Punjab government had initiated the progressive Punjab campaign that had led to fructification of eight mega investment projects in the state with investments from Reliance, Airtel, ITC, Infosys and Cargill.

Chief executive officer, Punjab Bureau of Investment Promotion, Anirudh Tewari, said Ludhiana, the commercial hub of Punjab, had 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 included parameters like starting a business, getting approvals and conducive environment for labour. Further, the RBI had ranked Punjab as the third-most attractive destination for doing business in 2012-13, he said.

Citing the reasons for attracting investments in the state, he said factors like easiest place to do business, robust infrastructure and abundant availability of skilled manpower, and a 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 and Mohali Biotech Park, etc.

Highlighting the landmark reforms on ease of doing business, he said the 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. Of the 87 applications received since inception, 72 have been granted provisional site suitability clearance.

CII chairman Sanjeev Pahwa highlighted the advantages that Punjab offered to the prospective investor. He said sectors like textile, light engineering, food processing, and of late, the sunrise sectors like IT, electronics, bio-sciences, infrastructure and petrochemicals offered significant scope for investors in the state.

Sharing his experience on doing business in the state, vice-chairman and managing director, Nahar Industrial Enterprises, Kamal Oswal said nearly 70% production of their group was based in Punjab.