A delegation of the Federation of Industrial and Commercial Organisation (FICO) met minister for industries and commerce Tarunpreet Singh Sond on Monday and submitted a memorandum outlining pressing industrial issues, urging the minister to immediately resolve the issues to promote a favorable business environment in the state.
The delegation, led by president Gurmeet Singh Kular, highlighted significant delays in processing files under the Invest Punjab scheme.
Rajeev Jain, general secretary FICO, stated that according to the Right to Business Act, the processing time of industrial files is mandated to be completed in 15 days. However, it has been observed that applications and approvals are taking much longer, which is negatively impacting both existing industries and potential investors.
The FICO has urged the Punjab government to ensure that the stipulated 15-day timeline is strictly adhered to, emphasising that streamlined processes would boost investor confidence and contribute to industrial growth in the state.
The FICO also raised concerns about the escalating enhancement charges for industrial plots allotted by the Punjab Small Industries and Export Corporation (PSIEC).
Jain stated that despite anticipatory enhancement payments being made, the charges, including the interest, have now surged to over ₹3,000 per square yard. “It is not only unjustified but also unmanageable for many businesses, especially given the current economic conditions. The unresolved issue is further hindering industrial growth, as financial institutions are withholding services, demanding clearance certificates from PSIEC,” Jain added.
{{/usCountry}}Jain stated that despite anticipatory enhancement payments being made, the charges, including the interest, have now surged to over ₹3,000 per square yard. “It is not only unjustified but also unmanageable for many businesses, especially given the current economic conditions. The unresolved issue is further hindering industrial growth, as financial institutions are withholding services, demanding clearance certificates from PSIEC,” Jain added.
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