HindustanTimes Sun,28 Dec 2014

Summit fetches Rs. 65,000 cr, Badal credits Sukhbir

Pawan Sharma, Hindustan Times  SAS Nagar, December 11, 2013
First Published: 00:14 IST(11/12/2013) | Last Updated: 00:16 IST(11/12/2013)

The Punjab government's initiative under the Progressive Punjab Investors' Summit fetched a whopping Rs. 65,000 crore of investment at the two-day meet that concluded on the Indian School of Business campus here.


A total of 117 memoranda of understanding were inked by the top industrialists while many more companies also showed willingness to invest in big- as well as small-ticket projects.

The first phase of the new investment drive of the state government concluded on a promising note with a potential to generate employment for over three lakh people.

In the field of the already sagging real estate market, over a dozen investors have promised to invest around Rs. 24,000 crore with employment opportunities to over 50,000 people; agri and food processing has emerged another vital sector in which over 50 investors -- ITC, Container Corporation of India, etc -- have committed to investing over Rs. 15,000 crore in areas such as multi-model logistic parks, mega agri and food parks, food marts, etc. Besides, renewable energy is another sector of attraction among the investors as 20-odd business tycoons --Moser Baer, Kirlosker, ESSEL, India Bulls -- with national and international profile have signed the MoUs to invest over Rs. 10,000 crore.

While the business tycoons gave thumbs-up to the state government's initiative, Shiromani Akali Dal (SAD) patriarch and chief minister Parkash Singh Badal, in a rare gesture, repeatedly lavished praise on the deputy CM for the success of the summit.

According to political observers, it was apparently the first time that Badal showered praise on Sukhbir from a public platform. "I feel proud of you. The speed with which you have been moving forward and taking path-breaking initiatives to develop Punjab, I have no doubt that soon it will be the best state in the country," Badal said, adding, "The whole of India will follow in your footsteps."

Badal also coined the slogan 'Bhag Punjab bhag' and said "carry on Jatta" while referring to Sukhbir.
Later, Sukhbir returned the compliment saying that working under Badal "is a matter of pride".

Sukhbir said the MoUs signed were not memoranda of understanding but memoranda of commitment signed with 117 companies. He said, "We have put the train on the track. Now it has only to pick up speed."

He said that every month, review meetings would be held to monitor progress of the MoUs signed. In 2014, on December 9-10, a similar summit will be held. "We will come back with details about the progress made regarding the MoUs signed in next year's summit."

Main points

117 MoUs of Rs. 65,000 crore investment signed
Expected to generate employment to over 3 lakh youth in the state
Next investment summit to be held in Ludhiana on December 9-10, 2014
Punjab to establish three big convention halls at Mohali, Amritsar and Ludhiana
Infosys to set up new campus at Mohali for 25,000 work force
All villages will be connected with 4G in next one year
10,000 acre land bank to be set up for needs of industry 
CM calls for making Punjab as the most favoured investment destination

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