Punjab cabinet minister Rana Gurjit Singh today said the state has maximum potential to become food processing hub in near future.
He said the state government has put food processing sector in thrust areas in its new 'Industrial and Business Development Policy-2017', offering a host of incentives to food processing units.
Singh, who was representing Punjab government on behalf of Punjab Chief Minister Captain Amarinder Singh in World Food India-2017 in Delhi, informed that the state government signed 36 Memorandums of Understanding worth about Rs 3,000 crore with entrepreneurs/corporate houses during the event and that more enquiries to sign the MOUs are being received and the figure for investment is likely to cross Rs 3,500 crore, said an official release.
He also said it will generate about 11,000 jobs in the state.
The minister said Punjab CM has already announced to set up a horticulture university in Punjab that will play a pivotal role in developing the food processing industry in the state.
The state government's presentation focusing on giving impetus to invest in food processing sector in Punjab was attended by over 300 entrepreneurs from renowned industrial and business houses who responded positively to invest in the state.
He said the state chief minister has included food processing sector in thrust areas in new Industrial and Business Development Policy to offer a host of incentives to food processing units like nominal power tariff; exemption from state share of GST; exemption from stamp duty on purchase of land; exemption from CLU/EDC; exemption from property tax; reimbursement of taxes & fees paid on purchase of agriculture produce for processing.
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