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April 27, 2018

100 Crore sanctioned to boost skill development and start-ups under Punjab’s ‘New Industrial Policy’

Chandigarh : To boost industrial growth and economic activity, the Punjab cabinet today approved the ‘New Industrial and Business Development Policy-2017’, paving way for the fixing of industrial power tariff at Rs 5 per unit and a one-time settlement of industrial loans.

The creation of a Rs 100 crore fund to promote start-up culture, establishment of a skills university and industry specific skill development centers, are other highlights of this policy.

All skill training schemes in the state will be brought under one agency, the Punjab Skill Development Mission, an official spokesperson said.

Industrial infrastructure development is a priority and the provisions provide for development of border districts, extreme border zone and ‘Kandi’ areas, he added.

At the meeting, Chief Minister Amarinder Singh proposed hiking incentives for the industry in border areas from 125 per cent to 140 per cent, the official said.

The new policy has been prepared in consultation with all stakeholders, including industrial associations and the departments concerned.

Aimed at promoting ease of doing business, the policy is founded on the eight strategic pillars of infrastructure, power, MSME, startup and entrepreneurship, skill development, ease of doing business, fiscal and non-fiscal incentives, stakeholder engagement and policy implementation unit and sector specific strategies, the official said.

It envisages establishment of 10 technology centers, 10 common facility centers and 10 clusters for development in first phase. Besides, the state would set up MSME (Micro, Small and Medium Enterprises) facilitation councils at Ludhiana, Jalandhar, Amritsar, SAS Nagar and Patiala to provide remedial measures.

These units shall be exempted from minimum charges for electric connection during closure period and incentive of exemption from electricity duty for three years shall also be provided.

Development of 14 new industrial parks and standardization of all estate management policies and procedures have also been provided for in the industry. It also provides for establishment of exhibition and convention centres in Mohali, Ludhiana, Jalandhar and Amritsar in the first phase, the spokesperson said.

The policy provides incentives such as investment subsidy by way of reimbursement of net SGST, exemption from electricity duty, property tax etc. MSME units have been given more incentives than large industries, including access to finance, infrastructure, markets and technology etc.

Note: News shared for public awareness with reference from the information provided at online news portals.

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