‘Rs 1,037 cr incentive approved in Punjab under Industrial, Business Policy, 2017’

Industries minister Sunder Sham Arora on Friday said that fiscal incentives under the Industrial and Business Policy, 2017, to the tune of Rs 1,037.66 crore have

Industries minister Sunder Sham Arora on Friday said that fiscal incentives under the Industrial and Business Policy, 2017, to the tune of Rs 1,037.66 crore have already been approved. This is in addition to the Rs 3,522.41 crore worth power subsidy extended by the government during the same period.

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Arora said that the Punjab government had notified the policy on October 17, 2017, under which, detailed guidelines were issued. As per the guidelines, state and district level committees have been formed to consider and approve the fiscal incentives for MSMEs and large industries, respectively.

State level committee conducted nine meetings and district level committee meetings were conducted to grant fiscal incentives to industrial units, the minister added.

Around 53 MSMEs and large industries were considered and granted Incentives with an investment of Rs 5,776.46 crore in state.

The minister added that of these 53 units, 23 were granted 100% power duty exemption which is about Rs 1023.66 crore, eight were granted stamp duty exemption to the tune of Rs 3.69 crore, six were granted CLU/ EDC exemption of Rs 2.45 crore and three were granted VAT/SGST market fees, credit guarantee fund trust for micro and small enterprises of Rs 7.86 crore.

Apart from these, 13 units were granted approval to migrate from FIIP(R)-2013 to IBDP-2017 to seek higher incentives under the IBDP-2017.