Punjab CM approves draft industrial and commercial development policy, plans investment of Rs 5 lakh cr in next 5 years

Chief Minister Bhagwant Mann has approved the draft Industrial and Commercial Development Policy, which aims to attract investment of Rs 5 lakh crore for Punjab in five years and increase the share of the secondary sector in the GSDP to 30% and the tertiary sector at 62%, an official said on Sunday.

“With a vision to foster a progressive, innovative and sustainable industrial and business ecosystem in the state by transforming it into a preferred destination for doing business, the Chief Minister has endorsed the draft policy,” the official said.

Mann on Saturday endorsed the draft policy, which also aims to increase youth employability through training and increase job opportunities in the state.

Mann said the policy will facilitate the development of at least 15 industrial parks, attract at least one anchor unit in various manufacturing and service sectors, provide electricity at an affordable fixed rate for five years to industry and will improve the power supply infrastructure for all. industrial areas to provide quality and uninterrupted power.

The policy has been meticulously drafted to give a major boost to industrial development on the one hand and provide jobs for young people on the other, he said. It will accelerate the growth of startups and foster entrepreneurship by fostering innovation, improving competitiveness and building capacity.

The CM said the policy will also accelerate the growth of MSMEs and develop world-class infrastructure for industry, including quality and affordable energy. The policy also plans to carry out an in-depth study of 10 clusters each year for specific interventions aimed at increasing their competitiveness. It also plans to upgrade and set up joint facility centers in five clusters every year, upgrade and set up 10 technology centers in the state, facilitate 1000 start-ups in five years and to facilitate the establishment of 10 incubation centres/accelerators with a particular focus on digital. manufacturing, life sciences (biotechnology), food processing and information technology.

He said it will also help establish strong links with all major educational institutions, facilitate the establishment of 50 entrepreneurship development centers in colleges, establish a university of skills, establish a center for skills for each industrial cluster identified and to set up advanced programs. competence center on high-tech manufacturing, design and computing skills for five identified sectors.

Mann said that to facilitate investors, the draft policy proposes to develop the Invest Punjab Business First portal for a single unified interface with industry and business for all regulatory and tax services.

Bhagwant Mann said the draft policy provides tax and non-tax incentives for new and existing units in all unit categories like MSMEs, large, anchor areas, border districts, border areas, push sectors, private industrial parks and sick units. .

Meanwhile, Principal Secretary of Department of Industries and Commerce Dalip Kumar said before the policy is rolled out, the business fraternity and industry can make suggestions. He said with the new policy to be notified by October 17, manufacturers should send in their suggestions within a fortnight.

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