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Capt tells ‘Invest Punjab’ to work out model for incentives on case-to-case basis
The CM said that since March 2017, investment proposals have come from countries such as Germany, Japan, France, USA, UK, UAE, Singapore, Spain, Denmark, South Korea and New Zealand.
Chief minister (CM) Capt Amarinder Singh on Monday asked the Punjab Bureau of Investment Promotion (PBIP), also known as ‘Invest Punjab’, to work out a model where incentives for industry can be given on a case-to-case basis.
Chairing the third meeting of the board of governors of PBIP through video conferencing, the CM said the anti-red tape legislation, recently passed in the state, was aimed at making government procedures investor friendly.
Invest Punjab CEO Rajat Agrawal said in the last four years, 2,394 projects, to the tune of ₹84,500 crore, have come to the state. Out of these, 53% projects have already started production and another 35% are in various stages of construction. He added that 24% of the total projects have come up in SAS Nagar while 22% projects are in Ludhiana. The state also witnessed investments in interior districts such as Sangrur and Bathinda, and border districts such as Gurdaspur, Amritsar and Pathankot, he said.
The CM said that since March 2017, investment proposals have come from countries such as Germany, Japan, France, USA, UK, UAE, Singapore, Spain, Denmark, South Korea and New Zealand, and he hopes that by the end of December 2021, Invest Punjab achieves a milestone of Rs. 1 lakh crore in investments.
Hero Group’s chairman and managing director Pankaj Munjal said his company has already tied up with Japanese Company Yamaha and Mitsui besides other companies of Germany and UK to set up facilities in the Hi-Tech Cycle Valley.
He said that the e-cycle market industry alone has a global potential of over Rs. 5 lakh crore, out of which, India has merely captured 2% i.e Rs.10,000 crore which could further be enhanced to Rs.50,000 crore.
Chairman, CII Punjab, Bhavdeep Sardana emphasised on the need for setting up a steel city in the state, considering the existing growth and potential in secondary steel, forging and machining.
Chairman and managing director of Vardhman Group, Sachit Jain spoke about the investments made by AICHI Steels of Japan in Punjab through Vardhman Steels. He further informed that Vardhman Steels is planning to invest another Rs. 200 crore in its expansion project very soon.
Speaking on the occasion, finance minister Manpreet Singh Badal said the state has major land chunks for industry at Rajpura, Bathinda and Goindwal Sahib, which can be optimally utilised and offered to those entrepreneurs who want to set up their ventures in Punjab.
