Punjab aims Rs 5 L cr investments under new industrial policy

Punjab is hopeful of attracting investments worth Rs 5 lakh crore over the next five years as the Congress-led government is in the process of drafting new industrial policy with special focus on services sector.
Besides, the new industrial policy will also focus on revival of existing industries by promoting a "business first" philosophy.
State Chief Minister Amarinder Singh today held a meeting to discuss the state's new draft industrial policy.
Addressing meeting, the chief minister emphasised on the need for a mindset change in the government with focus on facilitation. Industry and business houses should be treated as partners and not be subjected to suspicion, he said.

The new policy should focus on revival of industry, with preference to existing industries, said the chief minister, adding that the state should extend all possible help to industries and businesses, especially to MSMEs, to develop and expand.
The discussion also took place on the need for infrastructure development to facilitate business and it was proposed to set up a Punjab State Industrial Infrastructure Corporation for this purpose, according to a spokesperson of the Chief Minister's Office (CMO).

Besides upgradation of the power sector, the policy would look at the development of four industrial parks and 10 industrial estates as part of the policy, which will be focused on enhancing ease of doing business in Punjab.

Identifying the services sector as a key priority in the proposed policy, the CM said his government was targeting a total investment of Rs 5 lakh crore in five years around the seven core strategic pillars of growth.
These pillars have been identified as infrastructure, power, MSME, startup and entrepreneurship, skill development, ease of doing business and investment promotion, and fiscal incentive. The policy, being prepared to synergise with the central government industrial policy, would envisage one anchor unit for all the priority sectors.
Promotion of entrepreneurial business would be a key focus area of the policy, said the chief minister, adding that the thrust should be on facilitating the development of 1,000 start-ups to enable economic growth and employment generation in the state.

It is proposed to set up 50 entrepreneurship skill development centres in colleges to encourage and motivate youth to go in for self-employment.
According to the spokesperson, establishment of common facility centres and seamless online services, backed by re-engineering of processes, were discussed in detail at the meeting.
In response to a query from the chief minister regarding seamless integration of the core services required to facilitate business, officials suggested that a single technology platform be developed for listing of the requirements of all the departments, which should have a common look and feel.
It was pointed out that with two lakh services capable of being handled on one portal, the integration of the services could be easily achieved.

As per the discussion, the state is keen to focus on manufacturing in textile and apparel, cycle and cycle parts, automobiles and auto components, light engineering, leather and sports goods, petro-chemicals, secondary steel, NRSE equipment, agri and food processing, electronics, biotechnology & pharmaceuticals, aerospace and defence.
In the services sector, the focus will be on IT and ITES, life sciences, logistics, tourism and hospitality, entertainment and film industry, healthcare, education services, retail and reality.
The meeting was attended, among others, by Cabinet ministers Brahm Mohindra, Manpreet Badal, Rana Gurjit Singh and Charanjit Singh Channi and senior officials.