Commitments made to invest Rs.1.15 lakh crore in Punjab

The two-day Progressive Punjab Investors Summit ended on Thursday with total investment commitments of Rs.1.15 lakh crore.

Domestic electronics company Videocon and jewellery brand Geetanjali are among the prominent prospective investors.

Deputy Chief Minister Sukhbir Singh Badal, who presided over the valedictory function, announced a startup fund of Rs.100 crore for young entrepreneurs.

He said Mohali was emerging as a cluster for electronics and information technology. Similarly, the state was poised for development of agro-processing and defence and aero clusters.

Badal told reporters that Geetanjali brand owners would establish a jewellery park at Amritsar with an investment of Rs.1,200 crore.

Likewise, domestic electronics company Videocon would set up a mobile assembly plant with an investment of Rs.500 crore over the next three years.

He said the summit proved that industrial giants had shown full confidence in the state and this summit would be a game changer in the overall development of Punjab.

He announced a special policy providing for level-playing field for micro, small and medium enterprises would be finalised within a month.

Detailing the investment proposals, the deputy chief minister said Apollo Hospitals would set up a world class facility in Amritsar, starting April next.

He said the government would also tie up with Apollo to conduct health mapping of people.

Badal said HDFC bank would shift its back office to Mohali, adding it had committed to open skill development centres in the state.

Special emphasis was laid on training students and 50 colleges would be set up in rural areas to train girls in various vocations, he said.

He said at least 500 girls would be trained in each college.

He said Punjab had done a lot in creating infrastructure, basic amenities, governance reforms, education, health, air connectivity, mechanised agriculture and congenial atmosphere for industries.