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Punjab Cabinet okays new industrial policy, to develop 15 parks

Punjab Cabinet okays new industrial policy, to develop 15 parks

Infra, power, MSMEs focus areas | Industrial township planned

Punjab Cabinet headed by Chief Minister Bhagwant Mann today approved the New Industrial and Business Development Policy, 2022, aimed at spurring industrial development and creating employment opportunities in the state.

The new policy would be applicable for five years from October 17, 2022.

The policy is structured with key strategic focus on 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.

According to 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).

The state will set up a MSME Punjab as a dedicated wing of the Department of Industries and 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.

Slew of fiscal incentives

  • 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/ amusement park/ adventure parks developed on minimum area of 50 acres.
  • Fiscal incentives for ultra-mega/mega projects, special incentives for units in border zone, startup/incubators and first two units in border zone in each sector of manufacturing and service.
  • Exemption from stamp duty, CLU/ EDC and electricity duty from 7 to 15 years for EVs, sports goods.
  • Investment subsidy by way of reimbursement of net SGST upto 200% of FCI over a period of 7 to 15 years.
  • 50% capital subsidy for new Micro and Small enterprises, exporting units and service enterprises engaged in providing research and development activities on the fixed capital investment up to Rs 50 L.
  • Anchor Unit have been provided incentive of employment generation subsidy upto Rs 36,000 per employees per year for a period of 5 years and @ of Rs 48, 000 for woman/SC/BC/OBC employees for recruiting Punjabis.
  • 100% exemption of market fees/RDF upto 100% of FCI for 10 years to the food proccessing industry.

CLU exemption

  • The development of private industrial parks shall be encouraged and 100% exemption of CLU/EDC shall be provided on the Industrial and EWS residential component to an industrial park set up within a minimum area of 25 acres (10 acre for IT).
  • The private industrial park set up by SPV shall be provided additional incentive of capital subsidy @ 25%.
  • The building bye-laws shall be relaxed, logistic park shall be developed in Sector 102, Mohali and 50% of the external development charges shall be spent on the improvement of infrastructure in the industrial zone

©The Tribune

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