Punjab Government has given a nod to a new policy aimed at the revival and rejuvenation of defunct industries across the state.
Under this initiative, the debt ridden companies as well as the entrepreneurs would be provided an opportunity for one time settlement (OTS) of the balance amount, said the state Industries and Commerce Minister Sunder Sham Arora on Tuesday.
The Minister said that the approval has been accorded to the entrepreneurs and the debt ridden companies for the one-time settlement of their balance debt amount with the PSIDC and PFC. It would be the last chance for the companies not making the payments, he said.
Arora also added that the One Time Settlement policy-2018 has been okayed and accepted after holding comprehensive deliberations with the promoters of revival and rehabilitation of the industrial sector and also as per the suggestions of the Chamber of Commerce and Industries Association.
“As per this policy, the entrepreneurs and the companies under debt would get a chance to receive the payment of Rs 80-100 crore and Rs seven to 10 crore under the settlement of their balance debt with the Punjab State Industrial Development Corporation Limited (PSIDC) and Punjab Financial Corporation (PFC) respectively,” he said.
Arora said that the policy would result in generation of revenue for development-centric initiatives for boosting up the industrial infrastructure. “The PSIDC provided loan to 861 industrial units out of which 739 had settled the debt with the corporations whereas cases pertaining to only 122 units are pending,” he said.
“Punjab Government is fully committed to the revival of the industrial sector in the state,” he said while thanking the Chief Minister Capt Amarinder Singh for according sanction to the policy. “The new policy would bolster the debt ridden companies as well as the entrepreneurs, it would yield employment avenues for the youth too,” he said.