Ludhiana-based Chamber of Industrial & Commercial Undertaking said the policy would pave the way for rapid industrialisation. Upkar Singh, joint secretary of the chamber, said the policy was aggressive, proactive and incentive-based, wherein inputs of all stakeholders, including industrial associations, entrepreneurs and government departments, had been taken. He added it was the most industry-friendly policy, with incentives, curbs on procedural delays, tax rationalisation, focus on roads, power, single-window system, etc.
It may be recalled that in the New Industrial Policy, packages of incentives are available on VAT & CST, electricity duty, stamp duty, property tax, purchase tax on select commodities and mandi fee, etc.
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Further, terming the policy "a forward-looking charter that would redefine industrial progress of Punjab in coming times", Jayant Davar, chairman, Confederation of Indian Industry (CII), northern region said "creating industry zones, especially keeping the border areas and designated industrial areas and focal points in priority zones, is a welcome step. This would spur industrial growth & create new opportunities in Border areas, besides de-congesting the cities & urban areas by encouraging more Industry to shift & come up in designated Industrial focal points & areas".
PHD Chamber has stated that the new industrial policy would put Punjab on growth trajectory and would attract investors not only from within the state, but from outside also, PHD Chamber has welcomed the much awaited New Industrial Policy of Punjab. "The new policy, which is proactive, progressive, practical, and incentive-based", said Rajiv Bali, Chairman, Punjab Committee, PHD Chamber, "shall definitely usher in rapid industrialization of the state."
In an interaction with Business Standard several textile players expressed their keen desire to expand in the state after announcement of the policy. SEL Manufacturing Company Ltd, managing director, Neeraj Saluja added, " The policy is very lucrative. The government has gone in for creating a special category of investors, including those who will invest more than Rs 500 crore in the state, which is big incentive for big ticket investment in the state. Further, The creation of Land Bank especially with PSIEC identifying 5000 hectares of Land for Industry in the state will help in attracting mega Investments & Anchor units. Once the fine fine print comes, we will draw up expansion plans in the state."
Echoing similar sentiment, The Chairman of Trident Group, Rajinder Gupta also added that recently the board has approved a plan to invest Rs 1,667 crore on various expansion plans. The part of this expansion will be invested in Punjab. Trident Limited is the flagship Company of Trident Group a USD 1 Billion global player, with its array of customers spread across 75 countries. Trident Limited is a leading manufacturer of Terry Towels, Paper, Yarn and Chemicals.
Kamal Oswal, Vice Chairman cum MD of Nahar Industrial Enterprises mentioned that the company will invest Rs. 1500-2000 crore in Punjab. The investment will be done in ramping up spinning capacity and denim capacity.