Punjab chief minister Amarinder Singh today said the state's industry would soon revive, and modern industries like information technology and biotechnology would come up in a big way.
Singh said the state government was in the process of finalising a new industrial policy, which would set the pace for an upturn in the economy. To facilitate interaction between the state government and traders and industrialists, district-level sales tax advisory committees would soon be set up, he added.
While addressing the grievances and demands of industrialists and traders, Singh said the small-scale industry would be protected and encouraged to flourish because its role in revitalising the economy was very important.
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The chief minister said Punjab was facing a severe financial crunch, with a huge debt of Rs 52,000 crore, and the state government was finding it difficult to pay its employees. Along with the new measures taken to refurbish and revitalise the industrial economy and trade in the state, the cooperation of traders and industrialists was necessary, he said.
Singh said the Chatha Committee on industrial revival in the state would submit its final report shortly, and the suggestions of the traders and industrialists would be incorporated.
He said the Punjab government was determined to eradicate the inspector raj so that trade and industry could flourish.
Singh said the new industrial policy would be less regulatory, more facilitating and investor friendly. The priority of the state government was to develop agro-based industry because Punjab was essentially an agricultural state, he said.
The chief minister further said suggestions from traders and industrialists to revive the industrial economy in the state were welcome.
Earlier, while submitting a memorandum to the chief minister, Amrit Lal Jain, president of the Punjab Pradesh Beopar Mandal, and other representatives of various trade associations highlighted their grievances, and demanded the sales tax on yarn used for manufacturing textiles be reduced to 2 per cent as in Gujarat and Rajasthan.
The traders also demanded the hosiery industry be exempt from the C form, and the rate of sales tax on hosiery be reduced to 2 per cent. They also said the tax on the first stage of steel production be withdrawn, and Amritsar be declared a special economic zone since it had an international airport and direct rail link. They also demanded the simplification of sales tax procedure.