Punjab attracts over 300 industrial projects in manufacturing sector
Chandigarh: The newly introduced industrial policy and other ease-of-doing-business initiatives of the state government have boosted investments in the industrial ecosystem.
A total of 507 industrial projects have been bagged by Punjab from January to March 2023, of which 318 projects pertaining to the manufacturing sector, 139 to the services sector and 50 are connected with the real estate sector. The robust growth in investments reflects the state’s strong potential and attractiveness for businesses seeking to expand their manufacturing operations.
An official spokesperson while disclosing this said that the Punjab Government unveiled the Industrial and Business Development Policy 2022 at the 5th Progressive Punjab Investors’ Summit 2023 in the presence of Chief Minister Bhagwant Mann and Anmol Gagan Maan, Minister for Investment Promotion.
With a strategic location, skilled workforce, and investor-friendly policies, Punjab has become a favoured destination for domestic and international investors looking to capitalise on the state’s immense manufacturing potential. The state has attracted significant investments across various sectors including automotive, food processing, pharmaceuticals, and renewable energy.
This diversification indicates the state’s ability to cater to different sectors and leverage its resources for sustainable economic growth. The investments have been primarily in Agri and Food Processing NRSE Power Projects Pharmaceuticals and Auto & Auto Components. Some of the major projects belong to companies such as APIMJA Pharmaceutical, Star Foods, Khanna Paper Mills, Mindrug Biologics, Raghuvanshi Agro Chemicals and Bio Fuel, Thind Green Energy, Adler Wood, Aldicious Frozen, Jai Parvati Forge, Forge Mach Auto.