CABINET GIVES NOD TO NEW INDUSTRIAL POLICY, BUSINESS DEVELOPMENT POLICY 2022

After much criticism on Punjab Industrialists’ investment in Uttar Pradesh, the Punjab Cabinet led by the Chief Minister Bhagwant Mann on Friday approved the New industrial and Business Development Policy, 2022 (IBDP2022) which shall be effective from 17 October, 2022. A decision to this effect was taken in a meeting of the Cabinet held under […]

Punjab CM Bhagwant Mann
by Taruni Gandhi - February 5, 2023, 5:36 pm

After much criticism on Punjab Industrialists’ investment in Uttar Pradesh, the Punjab Cabinet led by the Chief Minister Bhagwant Mann on Friday approved the New industrial and Business Development Policy, 2022 (IBDP2022) which shall be effective from 17 October, 2022. A decision to this effect was taken in a meeting of the Cabinet held under the chairmanship of the Chief Minister here at his office in Punjab Civil Secretariat. Disclosing this here today a spokesperson of the Chief Minister’s Office said that the new policy will be applicable for 5 years from 17 October, 2022 and will spur the Industrial Development in the State leading to more employment opportunities to the youth of the State.

As per the new policy, the state will develop 15 Industrial Parks covering general and sector specific requirements of various Industrial Sector and 20 rural clusters across the state and will also allow setting up of dedicated country specific integrated Industrial Township to attract investment by allowing the infrastructure and other norms of the country.

The policy also envisages that Punjab Small Industries and Export Corporation (PSIEC) will be strengthened and an online system for all the Estate Management services in a time bound manner shall be developed. The issuance of notification by the Department of Power for the incentive of electricity duty exemption shall be made online and time bound through Invest Punjab Business First Portal (IPBFP).

In order to give a boost to the MSME sector, the state under the new policy will set up a MSME Punjab, as a dedicated wing of the Department of Industries & Commerce with a focus on setting up a common facility and technology centre. For MSMEs, the state will also implement the World Bank assisted GoI scheme namely Raising and Accelerating MSME Performance (RAMP). Likewise, the state will also strengthen start-up Punjab to promote innovation and startups in the state through Punjab Innovation Mission with a special focus on Women/SC/Other Entrepreneurship.

Policy envisages that variable power tariff shall be freezed for five years @ Rs.5.50 Per KVAH and shall be applicable for manufacturing units/IT/ITeS Unit in the approved Industrial Park/Amusement park/ Adventure Parks developed on minimum area of 50 acres. The policy also provides attractive fiscal incentives for ultra-mega/mega projects, anchor unit, large units, MSMEs and incentives for rehabilitation of Sick Large units /MSMEs, Special Incentives for Units in border zone, Startup/incubators and first two units in border zone in each sector of manufacturing and service.