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Tuesday, October 26, 2021

CII Session on promoting industry for Progressive Punjab: At meet to invite them for investor summit, industry captains flag issues

During the session, CII Ludhiana Zonal Council Chairman Ashpreet Singh said that industrialists were facing problems in getting finance from the banks to set up new units under Right to Business Act.

Written by Navjeevan Gopal | Chandigarh |
October 9, 2021 12:41:16 pm
PUNJAB NEWSThe Confederation of Indian Industrialists (CII) Session on Promoting Industry for Progressive Punjab was, among others, attended by Principal Secretary Industries, Commerce and Investment Promotion Tejveer Singh and Invest Punjab Chief Executive Officer (CEO) Rajat Agarwal.

A trade body session on Friday where Punjab government invited industrialists to the fourth edition of the Progressive Punjab Investors Summit turned into a platform where industry captains flagged multiple issues that were acting as barriers in ease of doing business in state.

The Confederation of Indian Industrialists (CII) Session on Promoting Industry for Progressive Punjab was, among others, attended by Principal Secretary Industries, Commerce and Investment Promotion Tejveer Singh and Invest Punjab Chief Executive Officer (CEO) Rajat Agarwal. Both extended an invite to industrialists for the Investors Summit to be held virtually on October 26 and 27.

During the session, CII Ludhiana Zonal Council Chairman Ashpreet Singh said that industrialists were facing problems in getting finance from the banks to set up new units under Right to Business Act.

Under the Act, there is a provision of deemed approval where industrialists can set up the industry on the basis of a certificate issued by the deputy commissioner and can obtain required approvals including Change of Land Use (CLU) certificate within three and half years.

But, Ashpreet said, the banks did not accept the certificate issued by the DC and asked for CLU certificate to consider the land as collateral. Ashpreet suggested empanelment of banks for the purpose.

Ashpreet also raised the issue of red tapism in the industrial sector.

He also said that agricultural implements should be included in thrust area of Invest Punjab to exploit their huge export potential.

Industrial products categorized in thrust area come with benefits like exemption from stamp duty and CLU charges and incentives running for longer period of time.

Ashpreet said, “The annual export market of agricultural implements worldover was to the tune of US $ 8,00,000 million of which exports from India accounted for less than 1.5 per cent, placing the country in 16th position”. He added that Germany was at top and accounted for 20 per cent.

CII Amritsar Zone Chairman Rajiv Sajdeh referred to an August 2 notification by Directorate of Town and Country Planning Punjab and demanded immediate rollback of a decision which made it mandatory to have 33 feet approach road, instead of earlier requirement of 16.5 feet, for new industries under the amended unified zoning regulations of Master Plans which were coming up on roads other than GT roads and main roads. Sajdeh said the “decision was detrimental to new investment”.

Derabassi Industries Association general secretary Rakesh R Aggarwal demanded setting up two transformers, one each at Saidpura and Mubarakpur, to address the problem of power shortage. He also demanded setting up of a sub-station at Dera Bassi focal point for which he said “Punjab Small Industries & Export Corporation (PSIEC) had already earmarked a plot, PSPCL was ready to set up the sub-station, but the land was to be formally transferred to PSPCL”.

Earlier, Tejveer Singh underlined the “need to ensure sustainable industrial growth” which he said was “key to achieving overall development”.

In his address, Rajat Agarwal said that “from March 16, 2017 to September 30 this year, the State has received a proposed investment of more than Rs 99,000 crores and out of those projects, more than 51% have been commissioned”.

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