Punjab Industry and Commerce Minister Sunder Sham Arora on Sunday said that the sick units of the industrial sector would be given a chance of lump sum settlement (one time settlement) in the newly modified industrial policy, which would be implemented soon to give boost to the state’s industrial sector.
Claiming that the new industrial policy would be the best in the country, Arora said that relief from State GST (Goods and Services Tax), property tax, electricity duty and stamp duty to the industrial sector would be the key features of the new policy.
Regarding cases of VAT (value added tax) refund, the Minister said that deliberations have been held with the Finance Department and the State Government would release funds to the tune of Rs 300 crore at the interval of every two months and till December 2018 to pay the entire balance amount.
Arora said that the new industrial policy has been framed after consultations with various stakeholders and it is only after considerations as well as the approval that the policy would be presented before the Cabinet.
“In the new policy, a major thrust has been placed on providing encouragement to the small and medium industries,” he said while giving a clarion call to the industrialists that they must come forward for investment purposes in the textile and other sectors because every kind of facility would be provided to them in the new policy.
He elaborated that Rs 1,440 crore have been released to the Powercom for giving power at the rate of Rs five per unit to the industrial sphere.
Reiterating that no industrial unit would be allowed to shift out of Punjab, he said that the Industries Department is initiating the process to go fully online with respect to its functioning which would lead to saving of precious time and money.