In an apparent attempt to revive the sick Mandi Gobindgarh industry, Punjab Government on Thursday inked Rs 602.50 crores memorandums of understanding (MoUs) to establish as many as 41 new steel industrial units in the once prosperous Punjab’s ‘Steel City’.
“These industries would provide jobs to more than 4,500 unemployed youth. Besides, a petro chemical industry is also being set up at Bathinda at a cost of Rs 23,000 crore,” said the stae Industries and Commerce Minister Sunder Sham Arora during a meeting at Mandi Gobindgarh for hearing out the problems being encountered by different industrial organizations.
At the same time, Arora announced that the Punjab Government would implement the newly modified industrial policy after getting the same approved in the Cabinet meeting on July 25.
“The policy aims to focus on big time industrial development, giving fillip to new industries and reviving the old ones. The new policy would entail exemption to industrial concerns from the state GST, property tax, electricity duty and stamp duty,” he said.