New Delhi [India], February 14 (ANI/SRV): Lalru is one of the most promising identified Red Zones in Punjab and is being promoted actively by the Government as the next Industrial hub. The CM has reiterated time and again that it is his commitment to ensure that a New Industrial Revolution is ushered through Punjab and Lalru. The Chief Minister said that uninterrupted power, corruption free administration, supportive government machinery, pool of skilled labor coupled with pro industrial policies of the state government will further give a boost to industrial development in Lalru.
The Punjab Industrial and Business Development Policy 2022 is one such step to envisage transforming Punjab into a major industrial and export hub. This industrial policy has added new thrust areas like auto, auto components, electrical vehicles, textiles, including apparel and made-ups and technical textiles, sports goods including fitness equipment, hand tools, agricultural machinery and equipment, machine tools and fresh fiscal incentives for micro, small, medium enterprises, incubators and startups while proposing an increase in power tariff.
The Industrial policies are made keeping in mind measures such as tax incentives, import tariffs, subsidies, and regulations that influence the growth of the State's economy. The implementation of these policies and initiatives will also help create jobs, promote innovation, and encourage exports. Ultimately, an effective industrial policy will lead to increased economic growth, improved living standards, and greater global competitiveness. Considering the strategic geographic location of the state of Punjab, here, Industrialization will bring structural changes in the pattern of foreign trade as well. It will help in increasing the export of manufactured goods and eventually help the government earn more foreign exchange.
Red category industries make up to more than 50% of the total industrial setups in any state. The state of Punjab is ready to undertake significant reforms as far as its industrial policy is concerned. The ruling Aam Aadmi Party government in Punjab is all set to give the state an industrial facelift by implementing its new Industrial Policies and inviting industries to invest in the identified Red Zones in Punjab.
The aim is to make Punjab as one of the most ideal and preferred states for investment as far as industrial growth is concerned, with the focus being on Lalru as the most investor friendly state by promising 24 hours power and water supply to all the upcoming industries.
In order to boost the industrial landscape in Punjab, the revered CM has also offered various incentives in order to encourage businesses to invest, innovate, and create jobs in the State. These Incentives include fiscal incentives like tax breaks, subsidies, and other regulations and a few non fiscal incentives as well. These policies and incentives are extremely important to push the state's economy and contribute to a long-term development goal. Also, development of one industry leads to the development and expansion of other industries, hence fostering a cycle of continuous growth.
The Government of Punjab is actively promoting (https://bsmedia.business-standard.comhmtindustrialpark.com/development/beholding-lalru-transform-as-punjabs-key-industrial-town) Lalru for Industrial use and to develop and nurture the industrial spectrum of Lalru. Presently, the Lalru area is heavily regarded as one of Punjab's key industrial towns as many industrial developments have been allowed to reside and operate in this town. It is one of the most promising Industrial spaces in the heart of Punjab.
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