The Punjab Government on Wednesday approved a proposal to simplify investment procedure including incentives and relaxation to be given to industrial units setting up shops in Punjab.
The decision was taken by Deputy Chief Minister Sukhbir Badal during a meeting with senior officers. He directed the officers that fiscal incentives should be restructured to make establishment of new industry a win-win situation for both the State and industry. Sukhbir instructed that restructuring should be done “as per feedback from industry to consider relaxation in eligibility period, expansion of units, incentives on stamp duty for purchasing of land from PSIEC and other Government agencies”.
He also informed that necessary amendments would be made in Fiscal Incentives for Industrial Promotion (FIIP).
On the issue of removal of iron and steel industry from the negative list, Sukhbir said that it was also being considered actively and this issue would be resolved amicably at the earliest. “The ruling alliance is taking this issue on priority keeping in view the interests of investors since it would prove to be a big boon for the all round development of the State,” he added.
Focusing on healthcare and biosciences, Deputy Chief Minister also affirmed that Punjab would soon attract big investments in these fastest growing knowledge-based sectors with the availability of pharma and medical technology besides knowledge based eco-system around Mohali.