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Saturday, Dec 07, 2019

Over ₹50K crore invested in state during Cong govt’s tenure: Manpreet

Says Punjab is open to investments in sector of food and food processing, pharma, textiles, farm machinery and IT and information technology-enabled services

cities Updated: Oct 31, 2019 22:42 IST
HT Correspondent
HT Correspondent
Hindustan Times, Ludhiana
Finance minister Manpreet Singh Badal (2nd from right) and minister of industries and commerce Sunder Sham Arora (centre) during an interaction in Ludhiana on Thursday.
Finance minister Manpreet Singh Badal (2nd from right) and minister of industries and commerce Sunder Sham Arora (centre) during an interaction in Ludhiana on Thursday.(Gurpreet Singh/HT)

In the run-up to the 3rd edition of the Progressive Punjab Investors’ Summit, slated to be held on December 5 and 6, at the Indian School of Business (ISB), Mohali, the state government organised a pre-summit interaction here on Thursday. The Confederation of Indian Industry (CII) is the institutional partner to the Punjab government for organising the summit.

The interaction focused on apprising the business community, based out of Ludhiana, of the pro-industry initiatives taken by the state government over the past two years to propel industrial growth.

Manpreet Singh Badal, Punjab finance minister, said ever since the Captain Amarinder Singh government came to power in the state, various companies have invested more than ₹50,000 crore in Punjab.

He said, “Punjab is open for investments in the sectors, including food and food processing, pharma, textile, agricultural machinery and IT and information technology-enabled services (ITeS).”

Citing the benefits, the state has to offer, Manpreet said, “Punjab has the highest rail density in the country at 45km per 1,000 square kilometres. The state has two international airports and world-class road connectivity.

Punjab’s robust 2017 Industrial and Business Policy offers attractive incentives for both expansion and new projects in manufacturing as well as service sector for all large, MSMEs and startups.”

Sunder Sham Arora, Punjab minister of industries and commerce, said with only 1.5% of land area, Punjab contributes 3% to India’s GDP and the state is home to an estimated 2 lakh registered MSMEs giving it a strong industrial base.

“Punjab offers a blend of skilled manpower, robust infrastructure, industry-driven ease of doing business initiative and friendly policies making it an ideal ecosystem for investment,” he added.

He also clarified the matters related to commerce and industry and assured that the department would render full support to the industry.

Rajat Agarwal, CEO, Punjab Bureau of Investment Promotion, said the Punjab Government is providing annual employment subsidy of ₹48,000 per employee for a period of five years.

Agarwal gave a detailed presentation on various initiatives of the state government. He encouraged investors to set up anchor units and assured that the government would provide full support in terms of infrastructure and speedy clearances. Agarwal said that the Punjab industry should also make optimum use of ZED certification and cluster schemes offered by the Union government.

Additional chief secretary, industries, Vini Mahajan, said these outreach initiatives form the base of the summit, which will be an ideal platform to experience the success story of Punjab and explore the numerous investment opportunities offered by the State.