Policy Reforms to support Industry and attract new Investment

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Policy Reforms to support Industry and attract new Investment
A round table with leading industry associations from across Punjab was held today with the newly appointed Cabinet Minister for Trade, Industry and Investment Promotion, Sh. Sanjeev Arora, and Finance Minister Sardar Harpal Singh Cheema. The event was curated by Member of Parliament, Rajya Sabha, Dr. Vikramjit Singh Sahney at Punjab Bhawan, Chandigarh.
At the outset, the industry representatives expressed their gratitude to the State Government for announcing the long-pending One-Time Settlement Policy, allowing resolution of litigated industrial plot dues in Focal Points by paying 8% interest.

Various critical issues affecting industry were raised, including the urgent need to revamp all Focal Points and Industrial Zones; capping high mortgage and hypothecation fees for industrial loans; reduction of GST on bicycles from 12% to 5%; rationalisation of wheeling charges for solar power transmission; provision of dry port container facilities for rice exporters in Amritsar; and expediting the development of convention centres in Amritsar, Mohali, and Ludhiana.

Sh. Sanjeev Arora assured industry leaders that these matters will be taken up on priority and responded to within a time-bound period of 45 days.

Sardar Harpal Singh Cheema assured that the issue of lowering GST on bicycles would be raised in the next GST Council meeting. He also committed to reviewing the discontinuation of the 2.5% fiscal incentive withdrawn by the previous government in 2018.

Dr. Sahney urged the need to expedite infrastructure development in the Rajpura Industrial Zone and invited industrialists to set up their units there. He also highlighted that Punjab offers one of the lowest power tariffs for industry in the country.

Representatives from CII, PHD Chamber of Commerce, FICO, CICU, Basmati Rice Exporters Association, United Cycle Parts Manufacturers Association, Hosiery & Knitwear Association,  Plywood Manufacturers Association, Dhandari Industrial Welfare Association, Derabassi Industries association, Mohali Industrial Association etc. were present in the meeting.

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