Punjab has achieved a new milestone in the Industrial sector with industry and commerce segment crossing Rs 21,000 crore in industrial export during the financial year of 2011-12.
This year, the exports have witnessed an increase of Rs 3,872 crore as compared to the previous year. Industrial export has reached to Rs 21,302 crore against the Rs 17,430 crore during 2010-11. Appreciating industry’s role in the State’s economy, Industry Minister Madan Mohan Mittal said that Punjab was rapidly emerging as the export hub across the nation, due to the industry and traders friendly policies of the Punjab Government.
The record export goods mainly produced by the small and medium industry, includes eatable goods, clothes, sports goods, handicrafts, machine tools, auto tools, engineering and electronics products, drugs and spare parts. Presently, more than 1.70 lakh small and 450 medium scale industrial units are operating in the State.
Mittal added that to ease out the investment procedure in the State, Punjab Government has approved the formation of country’s maiden Punjab Bureau of Investment Promotion (PBIP), an apex body for all industrial issues, to provide hassle free clearances and approvals for setting up of new industries.