To boost industrial growth and economic activity, the Punjab government today unveiled new industrial policy wherein its "thrust" sectors like high-tech manufacturing, technical textiles, food processing etc would be exempted from SGST.
"The 'Punjab Industrial and Business Development Policy 2017' aims to boost industrial growth and economic activity of Punjab. The state offers the right atmosphere and a level-playing field for investment," Punjab Chief Minister Captain Amarinder Singh said while launching the new policy at the 6th Invest North conclave organised by the CII here.
The government of Punjab is doing all it can to make it easy for industry to come to Punjab, the CM said.
The state government's thrust sectors would get 100 per cent exemption from SGST. The thrust sectors for Punjab government include high-tech manufacturing, apparel and made-ups, technical textiles, footwear and accessories, food processing, electronics, electronic service industry, he said.
"The six pillars of Punjab's industrial policy are: infrastructure, power, development of MSMEs through single-window clearances, a boost to start-ups and budding entrepreneurship, skill development and ease of doing business. These pillars will help accelerate growth and pave the way for a strong state, possible investment opportunities and overall development of the state," said Punjab Bureau of Investment Promotion CEO Rakesh Kumar Verma.
Addressing the session, Krish Iyer, president and CEO of Walmart India, recounted the global retail giant's beginning in India from Amritsar in Punjab. He complimented the state government for its e-governance system and said the single-window system was very effective.
"Retail drives consumption and consumption drives manufacturing. Hence retail sector is the biggest job creator and can help in realising the 'Make in Punjab' dream of the state government.
"In its 8th year in the state, Walmart has opened its second store in Amritsar, while exploring opportunities to open a third one. It has also signed MoU to start more stores in Punjab," Iyer said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
