Led by CM, Punjab Cabinet gives green signal to new Industrial and Business development 2022
The policy to come into force from October 17, 2022 and will be applicable for 5 years
New policy to lay thrust on creation an enabling environment for the Industries & business for balance economic growth, job creation and overall development of the state
Chandigarh, February 3, 2023: With a thrust on creating an enabling environment for the Industries & Business for balance economic growth, job creation and overall Development of the State, the Punjab Cabinet led by the Chief Minister Bhagwant Mann on Friday approved the New industrial and Business Development Policy, 2022 (IBDP-2022) which shall be effective from October 17, 2022.
A decision to this effect was taken in a meeting of the Cabinet held under the chairmanship of the Chief Minister here at his office in Punjab Civil Secretariat.
Disclosing this here today a spokesperson of the Chief Minister’s Office said that the new policy will be applicable for 5 years from October 17, 2022 and will spur the Industrial Development in the State leading to more employment opportunities to the youth of the State. The new policy is structured ground key strategic focus areas namely infrastructure, Power, MSMEs, large enterprises, Innovation, Startup and Entrepreneurship, Skill Development, Ease of Doing Business, Fiscal and Non Fiscal Incentive, export promotion logistic, stakeholder engagement and grievance redressal. As per the policy, the state will develop 15 Industrial Parks covering general and sector specific requirements of various Industrial Sector and 20 rural clusters across the state.
As per the policy, the state will also allow setting up of dedicated country specific integrated Industrial Township to attract investment by allowing the infrastructure and other norms of the country. The policy also envisages that Punjab Small Industries and Export Corporation (PSIEC) will be strengthened and an online system for all the Estate Management services in a time bound manner shall be developed. The issuance of notification by the Department of Power for the incentive of electricity duty exemption shall be made online and time bound through Invest Punjab Business First Portal (IPBFP).
In order to give a boost to the MSME sector, the state under the new policy will set up a MSME Punjab, as a dedicated wing of the Department of Industries & Commerce with a focus on setting up a common facility and technology centre. For MSMEs, the state will also implement the World Bank assisted GoI scheme namely Raising and Accelerating MSME Performance (RAMP). Likewise, the state will also strengthen start-up Punjab to promote innovation and startups in the state through Punjab Innovation Mission with a special focus on Women/SC/Other Entrepreneurship.
Under the policy, gender/differently abled entrepreneurship/Rural Impact Startup/Women led startup and startups shall be given relaxation in public procurement with respect to experience and turn over. Punjab Skill Development Mission will work out specific skill development centres for various activities and will work with large employers in various industry sectors to create skill training facilities in partnership with such employers. As per the new policy, the Invest Punjab Business First Portal shall be integrated with National Single Window Portal and services of NHAI, PWD, RDA, Irrigation Department and Forest will also be included in it.
The policy also stipulates fiscal incentives for new units and also to existing units for expansion with or without modernization/diversification. Policy envisages that variable power tariff shall be freezed for five years @ Rs.5.50 Per KVAH and shall be applicable for manufacturing units/IT/ITeS Unit in the approved Industrial Park/Am…