Pb Cabinet approves new policy for industries and businesses

Chandigarh: With a thrust on creating an enabling environment for the industries and businesses for balance economic growth, job creation, and overall development of the state, the Punjab Cabinet led by Chief Minister Bhagwant Mann on Friday approved the New Industrial and Business Development Policy, 2022 which shall be effective from October 17, 2022.

A decision to this effect was taken in a Cabinet meeting headed by the CM at his office.

Disclosing this here on Friday a spokesperson of the Chief Minister’s Office said that the new policy will be applicable for 5 years from October 17, 2022 and will spur industrial development in the state leading to more employment opportunities to the youth.

The policy is structured ground key strategic areas namely infrastructure, power, MSMEs, large enterprises, innovation, startup and entrepreneurship, skill-development, ease of doing business, fiscal and non-Fiscal incentive, export promotion logistics, stakeholder engagement and grievance redressal. As per the policy, the state will develop 15 industrial parks covering general and sector-specific requirements of various industrial sectors and 20 rural clusters across the state.

As per the policy, the state will also allow the setting up of dedicated country-specific integrated Industrial townships to attract investment by allowing the infrastructure and other norms of the country. The policy also envisages that Punjab Small Industries and Export Corporation (PSIEC) will be strengthened and an online system for all the Estate Management services in a time-bound manner shall be developed. The issuance of notification by the Department of Power for the incentive of electricity duty exemption shall be made online and time bound through Invest Punjab Business First Portal.