Continuing with its campaign to woo investors in the State ahead of Investment Summit, Punjab Cabinet on Thursday offered financial concessions to the industrialists. For the purpose, the Cabinet has approved to amend the ‘policy for financial concessions (revised), 2013’ allowing a slew of incentives to the industrialists and entrepreneurs.
Under the revised policy, incentives for waving off stamp duty and electricity duty on the individual purchase of land or lease of units to be established in the food parks, textile parks and industrial parks which have been approved under any of the scheme or guidelines of the Central Government have been incorporated.
Besides, value added tax (VAT) or central sales tax (CST) retention has also been clarified by which it has been incorporated that retention of VAT or CST admissible under this policy for the industries or units would not be taken back.
HOUSING FOR All POlICY FOR PUNJAB APPROVED
In another major decision, the Cabient approved “Housing for all Policy for the State of Punjab (Urban)” to provide affordable housing to economically weaker sections and slum dwellers of the State, in view of Centre’s Housing for all (HFA) Urban Mission or Pradhan Mantri Aavaas Yojna (PMAY).
To provide sand and gravel to general public at affordable prices, the Cabinet has decided to grant contract of quarries through reverse bidding process of pit head selling price. The move would enable the State Government to sell sand at reduced prices and enhance its supply to consumers besides helping in containing the price of sand or gravel in the market.
OKAYS CREATION OF MODERN STORAGE INFRA AS STEEl SIlOS
In another significant decision, the Cabinet gave green signal to Punjab State Grain Procurement Corporation (PUNGRAIN) to create modern scientific storage infrastructure as steel silos with capacity of 10 lakh metric ton at various locations in the State with financial assistance of NABARD.
PUSH TOWARDS TAPPING SOlAR ENERGY IN STATE
To tap maximum potential of solar energy in the State, the Cabinet also approved the scheme for allocation of power projects to land owning farmers. The scheme offer benefits including promotion of solar energy projects by land owning farmers with a minimum capacity of 2.5 MWp. This would add additional 500 Mega Watt power in the State besides promoting the concept of clean, green and environment friendly source of energy in the State.
REVIEWS PADDY PROCUREMENT ARRANGEMENTS
Cabinet reviewed arrangements for the paddy procurement during Kharif Marketing Season (KMS) 2015-16 to begin from October 1 and to be completed by December 15.
Five State procurement agencies — PUNGRAIN, MARKFED, PUNSUP, Punjab State Warehousing Corporation, Punjab, Punjab Agro Food Grains Corporation, besides FCI, — would procure paddy on MSP as per specifications laid down by the Centre.
APPROVES report TO RESOlVE SUGARCANE CRISIS
To resolve prevailing sugarcane crisis Punjab, the State Cabinet has approved the report of committee headed by the Chief Secretary regarding the problems of payment of cane arrears to the farmers and ensuring crushing of cane in the ensuing season.
Advisor to the Chief Minister on National Affairs and Media Harcharan Bains said that the State Government would arrange Rs200 crore loan with State guarantee and interest subvention for three and half years.
“There would be two-year moratorium and sugar mills would repay the loan within five years. This loan would be used exclusively for payment of cane arrears due to farmers,” he said. Notably, the State cooperative mils have already paid the entire amount for purchase of sugarcane.