Govt sets ball rolling for new industrial policy
Fiscal incentive schemes and ease of doing business reforms announced under previous policy are set to lapse in October this year
CHANDIGARH: The Punjab government has set the ball rolling for the new industrial policy with stakeholder consultations in the industrial hubs across the state.
The industries and commerce department has invited suggestions and set up a series of consultation meetings with industrial associations, experts and industrialists in Punjab for framing the new industrial policy of the state.
The present “Industrial and Business Development Policy” was approved by the previous Congress government in the fiscal 2017-18 for five years. The fiscal incentive schemes and ease of doing business reforms announced under the policy to attract investment are set to lapse in October this year.
Stakeholder meetings
The first set of stakeholder consultations is slated to commence from Mohali next week with a meeting of representatives of industry associations, experts and top good and services tax (GST) payers to be chaired by
principal secretary, industries and commerce, Dilip Kumar.
“The new government is contemplating various proactive measures to create more investment and employment opportunities in the state through vibrant and transparent ecosystem for the development of industries in the state. The government is seeking suggestions from the relevant stakeholders for this,” reads a communication sent by industries and commerce department to the district authorities regarding the consultative meetings.
The department has also lined up similar meetings in the industrial hubs of Ludhiana, Jalandhar and Amritsar later this month. Director-cum-secretary, industries and commerce, Sibin C, who will chair some of these meetings, has also written to top industry honchos to seek suggestions from them with regard to policy interventions and reforms for consideration of the state government.
“The department has been holding discussions and seeking suggestions. We have received more than 200 suggestions so far, which are being compiled, and more are expected,” he said.
Focus areas
The focus will be on micro, small and medium enterprises (MSMEs), employment generation, interventions for ensuring ease of doing business, upskilling, quality power and other areas seen as drivers of growth.
Chief Minister Bhagwant Mann, who is also the industries minister and held an interactive session with industrialists last month, has listed attracting investment, industrial infrastructure and creation of employment opportunities as the Aam Aadmi Party (AAP) government’s priorities.
In the run-up to the state elections, AAP national convener Arvind Kejriwal had promised to end “inspector raj system”, ensure 24-hour power supply and set up a state-level panel for regular interaction with the industry if voted to power.
The previous policy, which was approved by the then Capt Amarinder Singh government, had paved the way for fixing a discounted rate for industrial power and one-time settlement of industrial loans to boost industrial growth and economic activity. Besides incentives for expanding and upgrading existing units, the policy also laid emphasis on industrial infrastructure development, particularly in border districts and “Kandi” (sub-mountainous) areas. In February 2021, the policy was amended to enable investors to avail GST incentives till October 2022 for post-Covid industrial revival.