Giving a much-needed fillip to its industrial development agenda, Punjab Government on Monday signed 50 MoUs with a total investment of Rs 1,200 crore for the upcoming plastic clusters in the State amid indications of reduction in fixed charges for power tariff to boost industrial development.
The MoUs, signed by the Department of Industries and Commerce, envisage the creation of about 6,000 jobs.
Chief Minister Capt Amarinder Singh, in whose presence the MoUs were signed, said that his Government had already taken various initiatives to promote industry, including elimination of truck cartels and electricity at Rs five per unit, and was now mulling 50 percent reduction in fixed charges of power for the industry.
He also clarified that the Rs five per unit industrial power tariff would be effective from November 1, 2017, as announced by his government, and there had been no change in the date for the implementation of the revised tariff.
Chief Minister also released a document titled ‘Investment Opportunities in the Plastic Sector’ outlining the government’s plans to promote investment in the plastic sector and the fiscal incentives for the MSME plastic processing units.
Capt Amarinder lauded HMEl’s world class cracker and petrochemical complex at Bathinda, which he said would open up vast opportunities in the plastic processing, plastic machinery, additives and related industries in the state.
HMEl, which has already invested Rs 32,000 crore in the state, is planning a further investment of Rs 23,000 crore, which will facilitate Punjab’s industrial development, said the Chief Minister, adding that the increase in availability of plastic raw materials shall offer immense opportunities for exponential growth of the plastic processing industry.
The state was seeking to develop plastic industry clusters in Sangrur, Patiala, Bathinda and ludhiana, said the Chief Minister, adding that Punjab’s new Industrial Policy, with its various incentives for the state, would help the industry compete in the market.
He also assured the plastic industry of full support getting all clearances at the district level by setting up single window system at the district level under the Deputy Commissioner.
The Government will seek the Centre’s assistance under Plastics Parks Development Scheme for developing infrastructure for the Industry, he added.