30 days to clear new investments in Punjab

Punjab dy CM also promises subsidies in food processing

Punjab Deputy Chief Minister Sukhbir Singh Badal said on Tuesday all new investments in Punjab will be cleared within 30 days, even as he expressed satisfaction at the working of the Punjab Bureau of Investment Promotion, which had brought down the clearances' time for new projects from one years to 60 days.

In a first of its kind open house discussion with industrialists from across the state, Badal gave a patient hearing to the issues raised by them. He also told the industrialists that the government would pass a proposal to give 100 per cent incentives to the existing units in the next cabinet on September 23.

However, Badal made it clear to investors that any investment occured within a year of initiation of a project will be counted as a new project. Badal assured industrialists investing in the sector of food processing that state government would coordinate with the Union food processing ministry to ensure that the subsidy fixed by the Centre for food processing units could be provided to the industry in time.

Badal also said the Punjab government was revising the industrial policy to bring about required changes to further make it more investment-friendly. He assured the industrialists that all benefits would be given to them with retrospective effect.

INDUSTRIAL PUSH

• Punjab Bureau of Investment Promotion had earlier brought down the clearances time for new projects from one year to 60 days
• The government will pass a proposal to give 100 per cent incentives to the existing units in the next cabinet on September 23, says Badal
• Punjab government was revising the industrial policy to bring about required changes to further make it more investment friendly, says Badal