Punjab Cabinet approves New industrial policy to boost growth
The Punjab Cabinet today approved “New Industrial and Business Development Policy-2017” to boost industrial growth and economic activity.
The other highlights of the policy are the creation of ₹100 crore fund to promote start-up culture, establishments of a skill university and industry specific skill development centres.
All skill development related schemes will be brought under the Punjab Skill Development Mission.
The new policy envisages a one-time settlement for loans taken from the Punjab State Industrial Development Corporation (PSIDC), the Punjab Financial Corporation (PFC) and the Punjab Agro Industries Corporation Ltd (PAIC).
The One Time Settlement (OTS) policy, 2017, would help in releasing blocked industrial investments and assets and put these to productive use so as to revive the existing industries in Punjab.
Aimed at promoting ease of doing business, the policy is founded on the eight strategic pillars of infrastructure, power, MSME, start-up 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.
Single window facility to existing enterprises at the district level and special relief for sick MSME units are other features. These will involve deferment of recovery of arrears of electricity duty, power bills, house tax and water charges for a period of five years.
Development of 14 new industrial parks and standardisation 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.