Investor-friendly policies saw investment of Rs 50,000 crore: Sunder Sham Arora

Chandigarh/New Delhi, November 27: “The investor friendly atmosphere created in Punjab by the strenuous efforts of the Punjab Government during the past 2 and a half years has resulted in the State attracting investments to the tune of Rs. 50,000 crore.

Under the able leadership of the Chief Minister, Captain Amarinder Singh, massive reforms aimed at ease of doing business have been carried out.” This was disclosed here today at Punjab Day function during ongoing India International Trade Fair by the Industries and Commerce Minister, Punjab, Mr. Sunder Sham Arora.

Divulging more, Mr. Arora said that the significant projects in the pipeline include Pepsico Unit (Varun Bewerages) in 41 acres at a cost of Rs. 800 crores, C.N.I.F.F.C.O. Frozen Foods Food Processing unit in Ludhiana at a cost of Rs. 521 crore, Rs. 550 crores worth project of Happy forgings (Forging & Machinery) in Ludhiana and Rs. 237 crores worth project of Vardhman Special Steel.

A single office namely Invest Punjab has been created for facilitating the investors including according all the required clearances under one roof. The Invest Punjab bureau through its Punjab Business First portal provides permissions 66 regulatory services, 34 financial incentives, online processing, Real Time investment tracker and dedicated relationship manager services concerning the 12 departments. The bureau has recently extended the base of its Punjab model to the district level for providing direct benefit to the MSME units.

The minister further said that at present, Punjab is the core of MSME sector with over 2 lakh MSMEs being registered in the State which pertain to the sectors as varied as high tech auto parts, Processed foods, Juices, Textiles, Sports Goods and Machine Tools.

In another landmark initiative, for 48 focal points-online land banks have been set up in connection with all the relevant details such as Roadmap Plans, Number of plots, e-Auction/Allotment. The initiative of GIS based mapping has also been implemented for all the industrial focal points which also comprises the present rates of the lands and the details of the existing infrastructure in all the focal points.

Arora also disclosed that the Punjab Government has also ensured 24 hour uninterrupted power supply to all the industrial units in the State. Also, Punjab is the first State to establish 400 K.V. ring main system.

Apart from this, Punjab is also numero uno in country in the matter of refunding GST on sales to the investors. The investors are appreciating the initiatives undertaken by the State Government which also possesses the option of obtaining 200 percent profit on its fixed capital investment.

Also, the measures regarding subsidy of Rs. 48000 per employee (Per Year, upto maximum 5 years) for generating jobs, Stamp Duty, Relaxation from registration fees, CLU/EDC Charges and the property tax are also proving to be the morale boosters for the investors. Various departments exhibited their products in the pavilion.

During the function famous Punjabi singer Gurdas Mann enthralled the audience with Punjabi numbers. On the occasion Managing Director PSIEC Mr. Sibin. C,  Chairman PSIEC Mr. Gurpreet Singh Gogi, Chairman Punjab Large Industrial Development Board Mr. Pawan Dewan, Administrator Punjab Pavilion Bhai Sukhdip Singh Sidhu and other prominent personalities were present.