CII Welcomes the New Industrial Policy
INVC NEWS Chandigarh , Confederation of Indian Industry has complimented the Government of Punjab for approving a comprehensive, forward-looking and industry-friendly 'New Industrial and Business Development Policy 2017'. Congratulating the state leadership on decisions such as providing power to the Industry uniformly at Rs 5 per unit as well as equal incentives for expansion, modernization and upgradation of the existing units at par with new investments, Mr Sumant Sinha, Chairman, CII Northern Region & Chairman & CEO, ReNew Power Ventures, today said the new Industrial Policy clearly demonstrates the State Government’s intent and commitment to accelerate the Industrial growth in the state. Complimenting the state government, Mr Sachit Jain, Deputy Chairman, CII Northern Region and Vice Chairman & Mg Director, Vardhaman Special Steel, said several key policy decisions, including ‘BusinessFirst’ approach to accord foremost priority to the growth and development of business in the state and delivery of fiscal incentives through one common integrated platform will go a long way in attracting investments and building the confidence of the investors. Mr Gurmeet Singh Bhatia, Chairman, CII Punjab State Council & Managing Director, Ajooni Biotech Limited, hailed measures such as incentives for new and existing industries, besides a one-time settlement policy for industries against loan taken from PSIDC and PFC. The new Industrial policy has also extended a special relief package for BIFR registered / declared sick large units by reimbursement of 75% of net VAT/net SGST for a period of 5 years. Mr Sarvjit Samra, Vice Chairman, CII Punjab State Council & Managing Director, Capital Small Finance Bank, appreciated the State Government’s decision to facilitate and help the trade and industry through its eight core strategic pillars of Infrastructure, Power, MSME, Ease of Doing Business, Startup & Entrepreneurship, Skill Development and Fiscal & Non Fiscal Incentives, Stakeholder Engagement and Policy Implementation Units supported by sector-specific strategies for growth. Mr Samra hoped that the policy will provide new thrust to the development of the MSME sector, besides promoting the service sector and traditional manufacturing industries. Mr Babu Khan, Regional Director, CII Northern Region, lauded the State Government for having adopted a partnership approach and a comprehensive consultation with all stakeholders while drafting the policy. He expressed satisfaction that many of the suggestions / inputs given by the industry have found place in the policy approved by the Cabinet today.