Industry finds Punjab’s new industrial policy ‘forward looking’

Industrialists from this region and the industry body,Confederation of Indian Industry has described the new Industrial Policy of Punjab as “a forward looking charter which would redefine industrial progress of Punjab in coming times”.

Written by Charanjit Ahuja | Chandigarh | Updated: February 6, 2014 3:52:38 pm

Industrialists from this region and the industry body,Confederation of Indian Industry has described the new Industrial Policy of Punjab as “a forward looking charter which would redefine industrial progress of Punjab in coming times”.

Jayant Davar,Chairman,Confederation of Indian Industry (CII),Northern Region commented that “ Creating of Industry zones,especially keeping the Border Areas & Designated Industrial Areas & Focal points in priority Zones is a welcome step. This would spur Industrial growth & create new opportunities in Border areas,besides de-congesting the cities & urban areas by encouraging more Industry to shift & come up in designated Industrial focal points and areas”. He strongly appreciated 100% exemption in Electricity Duty,Stamp Duty and Property Tax in Zone one.

Pikender Pal Singh ,Regional Director,CII Northern Region appreciated state Government’s intent to scout investment in Sunrise Sectors like biosciences,consumer electronics,micro biotech,export promotion units,agro based units and textile sector which according to him will determine the Industrial paradigm of the state for the good.

D.L.Sharma,Director,Vardhman Textiles Limited said “implementation of the proposed simplified procedures and actual usage of IT for various applications and approval would be the key to enhance ‘ease of doing business’ in Punjab. Schemes like self-attestation of documents,third party certification of building plans,stability and safety etc,and payment gateway for online payments would indeed prove beneficial for new businesses,but again their actual implementation on ground has to be ensured and monitored meticulously”. He also appreciated the state Government’s plans to promote,“ Brand Punjab ” by holding ‘Investment Summit’ and ‘Road Shows in different parts of the country.

Sanjeev Pahwa ,Managing Director,Ralson India Limited hailed the provisions of Creation of Land Bank especially with PSIEC identifying 5000 hectares of Land for Industry in the state will help in attracting mega investments and anchor units which will catalyze the further growth of down stream industry.

Chief Minister,Sukhbir Singh Badal claimed that the new Industrial Policy focuses on three points incentives,simplifying procedures and facilitation with Punjab becoming the first state to provide online approval.

Badal said that for manufacturing sector,Punjab has been divided into two zones with zone I including Fazilka,Ferozepur,Tarn Taran,Amritsar,Gurdaspur,Pathankot,Hoshiarpur,Sangrur,Barnala,Mansa,Bathinda,Sri Muktsar Sahib,Faridkot and all approved industrial parks,focal points,industrial estates in any part of the state. Zone II would include Patiala,Fatehgarh Sahib,Ludhiana,Moga,Jalandhar,Kapurthala,Shaheed Bhagat Singh Nagar and Ajitgarh (Mohali).

Manufacturing units with Fixed Capital Investment (FCI) from 1 to 10 crore would be eligible for 50% of VAT plus 75% of CST retention for 7 years and for units having FCI 10 crore to 25 crore these benefits would be for 8 years. Units having FCI from 25 crore to 100 crore would be eligible for 60% of VAT plus 75% of CST retention with maximum of 60% of FCI for 10 years and units with FCI from 100 crore to 500 crore,VAT incentives would be 70% plus 75% of CST retention with maximum of 70% of FCI for 11 years. A new category of units with FCI above 500 crore has been created that would enjoy 80% of VAT incentive plus 75% of CST retention with maximum limit of 80% of FCI for 13 years. In addition these units would have 100% exemption in Electricty Duty,Stamp Duty and Property Tax.

For Industry in Zone II units with FCI of 10 to 25 crore would enjoy 25% VAT plus 50% of CST retention for 8 years,units with FCI of 25 to 100 crore would have 30% of VAT and 50 % of FCI for 10 years,units with FCI 100 to 500 crore would have 35% of VAT and 50% of CST retention for 11 years and units with FCI above 500 crore would enjoy 40% of VAT and 50% of CST retention for 13 years besides 50% exemption in electricity duty,stamp duty and property tax. It has also been decided that no VAT or Entry Tax will be charged on farm equipments. He announced VAT incentives,ensuring 24 hour power,stamp duty and property tax exemption and exemption from Punjab Pollution Control Board.

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