Punjab set to host second 'Progressive Punjab Investors Summit' at Mohali

Seeking to promote itself as best investment destination, Punjab is all set to host the two-day long 'Progressive Punjab Investors Summit' starting here tomorrow amid elaborate security arrangements.

"All the arrangements have been made for the investors summit which will commence tomorrow," Punjab Industry Minister Madan Mohan Mittal said today.

Focusing on attracting investments in manufacturing, IT, agro-processing, health-care, bio-sciences etc fields, the state government is offering a slew of incentives including cheap power to new investors at Rs 4.90 per unit for five years, VAT retention, exemption from stamp duty, electricity duty as per 2013 industrial policy, to attract fresh investments in second edition of summit.

"The focus area will be to attract investment in various verticals including IT, food processing, plywood etc. Our intention is to promote industrial segment which creates employment generation," the minister said.

Among major initiatives taken by the state government to promote industrial investments in the state was single window clearance for all permissions, pre-cleared industrial sites to enable investors to set up projects at once, surplus power, international airport at Mohali and better road connectivity, officials said.

Big corporate honchos including Mukesh Ambani, Malwinder Mohan Singh, Rahul Bajaj, Ajay Piramal, GVK Reddy, Ajit Gulabchand, Sunil Munjal, Chanda Kochhar are expected to participate in this mega event, they said.

Besides, the summit will also see the participation of delegates from Poland, South Korea, China, among other countries for business development.

Tight security arrangements have been made in Mohali in the wake of recent protests by Sikh activists against sacrilege incidents, official said.

"There will be 3-tier security arrangements and we have deployed 500-600 security personnel in Mohali for this event, besides anti-riot vehicles, water cannon etc," Inspector General of Police (Patiala Zone) Paramjit Singh Grewal said.

Punjab government had refused to cancel the two-day summit in view of unrest in the state caused by protest over alleged sacrilege incidents.

However, Deputy Chief Minister Sukhbir Singh Badal had cancelled the sixth edition of the World Kabaddi Cup scheduled to be held in the state in November in the wake of incidents of sacrilege and protests in the state.

SAD-BJP led Punjab government had first organised investor summit in 2013 in which it received overwhelming response as it had signed MoU worth Rs 67,000 crore.

Prominent companies which are in the process of setting up their ventures in the state are Infosys, ITC, Cargill India, Amul, Mahindra, Sonalika Tractors in the state.

Out of cleared investment proposals worth Rs 15,000 crore, the state has received 39 per cent investment in agro and food processing, 30 per cent in manufacturing and 10 per cent each in solar energy and health sciences, officials said.