Punjab govt to bring new policy to promote small scale entrepreneurship


The Punjab government said it will come out with a new policy to encourage local industry by giving incentives to boost growth. "The state government will come up with a new policy under "Make in Punjab" to encourage the local industry thereby providing incentives for its growth," Deputy Chief Minister Sukhbir Singh Badal said in Chandigarh.

Presiding over a series of meetings with the small and large scale industrialists of the state Chandigarh, Badal said the Punjab government is committed to attract setting up of new industries on the one hand and revive the existing units on the other. "My sole aim is to provide congenial atmosphere, liberal policies and online facilities to entrepreneurs for overall progress of Punjab as well as generating job opportunities for youth," he emphasized.

Empowering industrialists' associations to develop and maintain existing focal points, the Deputy CM informed that under new policy, Special Purpose Vehicles (SPV) would be set up in each industrial area by January 1. "The SPVs will collect taxes from the industrial units and spend it on the development of industrial areas. This unique mechanism will certainly help in eliminating various problems regarding provisioning of basic amenities and other facilities in focal points", he noted.

Acceding to the demands of businessmen, Badal said under existing labour rules, payments to the industrial labour through cheques would be deferred by December 31 and alternative arrangements would be made in consultations with the labour department. In order to redress their genuine grievances, the Deputy CM asked the excise and industry departments to constitute an advisory committee of small scale manufacturers to get their valuable suggestions.

Exhorting manufacturers to submit their suggestions, he directed Chief Secretary Sarvesh Kaushal to convene a meeting of this advisory committee of at the earliest to redress their grievances. Providing relief to the industrialists, Badal said excise department would scrutinise assessment cases of tax payers pertaining to the last three years instead of five years and if any tax payer is found at fault then scrutiny of five years taxes would be implemented.

With a view to provide online facilities and all queries to the tax payers, Badal asked them to upload their email ids on the departmental web portal, he said. Announcing to provide VAT retention and power incentives even for expansion of existing units under new industrial policy, the Deputy CM said the state has been formulating a new power policy in which existing units would also get cheaper power below Rs 5 per unit, keeping in view their present consumption.

Announcing the exclusion of steel industry from the negative list, he also informed that exhibition halls at Ludhiana, Jalandhar and Amritsar would also be set up soon. He advised the small scale entrepreneurs to pay lump-sum taxes by adopting 'Rahat Scheme' that had already been implemented for the traders to end 'Inspector Raj' across the state. "The main aim behind the new scheme is to simplify the procedure of trade and business in the state," he added.

Present in the meeting, Industry and Commerce Minister Madan Mohan Mittal said the different rules governing the industrial estates and focal points would be amalgamated thereby empowering the Punjab State Industry Development Corporation to administer the allottees. He also proposed to set up exclusive "Wood Park" at Anandpur Sahib in an area of about 200 acres to promote plywood and timber industry in Kandi areas.

Image Credit : Wikipedia

Read More:

Punjab govt approves policy for settlement of dues to help SMEs recover

In order to boost skill, Punjab plans to set up 300 students’ career counseling units

Intellecap advises on equity investment in Punjab Renewable Energy Systems from responsAbility



Updates from around the world