INDUSTRY HAILS POWER AT ₹5, CALLS IT DIWALI GIFT

CHANDIGARH : Punjab industry on Monday welcomed the Capt Amarinder Singh-led Congress government’s new Industrial and Business Development Policy2017, terming the decision to give power at ₹5 per unit from November 1 a “Diwali gift”.

The industry associations, including PHD Chamber of Commerce and Industry (PHDCCI) and Associated Chambers of Commerce and Industry (ASSOCHAM), are unanimous in their views on the positive impact of electricity to new and existing industries at fixed rate for a period of five years on “viability” in a highly competitive market. However, there are apprehensions in a section of industry about the fund-starved government’s ability to shell out money for concessional power. The Congress government had announced the fixed rate within days of taking over, but took seven months to formalise it.

RS Sachdeva, Punjab committee chairman, PHDCCI, said the new policy, particularly industrial power at fixed rate, would give a boost to the existing industries, besides creating a positive environment for new investments. “The new rate, which is probably the lowest in the country, is the government’s Diwali gift for industry. It will help the state emerge as a favoured investment destination. We will also hold road shows in other states to attract industry,” he said, thanking the CM.

Terming the new industrial policy as “progressive”, Assocham regional council chairman AS Mittal said the government initiatives on power rate and micro, small and medium enterprise would provide a fresh impetus to industrialisation and generate employment. “We have to see how soon they implement these decisions. There are a few small hiccups related to the Goods and Services Act. If they are taken care of quickly, the economy will get a boost,” he said.

Welcoming the new policy, Inderjit Singh, president, United Cycle and Parts manufacturers Association, said that the downward revision in power tariff would help but there should be no hidden charges on power.