Chandigarh, July 20, 2018: Punjab’s industrial investments have received a massive boost in the first quarter of the current fiscal, with project proposals going up 50% and monthly average of actual investments increasing by 125% over Q1 of FY2017-18.
The whopping increase has come at the back of the massive industrial push by the Captain Amarinder Singh led government, and the ease of business resulting from the new industrial policy, according to an official spokesperson.
The spokesperson said that Punjab Bureau of Industrial Promotion (PBIP) had received 161 project proposals with a proposed investment of Rs.8644 crore from April 1, 2017 to June 30, 2018. The first quarter of FY2018-19 alone had received 45 proposals (monthly average 15) with an investment of Rs.3112 crore (translating into monthly average of 1037). The figure for FY2017-18 stood at 116 (monthly average 10) at a total project cost of Rs.5532 crore (monthly average 461).
Faster grant of regulatory clearances along with support to the industry in resolving any issues related to field, land, local offices etc has been enabling early ground of the projects, said the spokesperson, adding that the Chief Minister had directed the Bureau to ensure total ease of business for investors and industries who are looking to enter or strengthen their presence in Punjab.
Of the project proposals received since April 2017, the maximum of 61 have come from the Manufacturing sector (Rs.2946 crore), followed by Agri & Food Processing (37 projects at Rs.1977 crore), Tourism (23 at Rs.916 crore), Infrastructure (12 at Rs.738 crore), Education (9 at Rs.156 crore), IT/ITeS & ESDM (7 at Rs.150 crore), Health & Biosciences (1 at Rs.1 crore) and Others (4 at Rs.59 crore). New & Renewable Energy is another area that has witnessed significant interest, with seven project proposals Rs.1701 crore coming in during FY17-18 and FY 18-19 (Q1).
District-wise break-up of the project proposals shows Mohali (44 at Rs.1277 crore) leading, along with Ludhiana (30 projects at Rs.1485 crore). Fatehgarh Sahib, Patiala and Sangrur are other top destinations favoured by industrialists, according to PBIP data.
Among the key industries that have come out with investment proposals, under Invest Punjab, during the first quarter of the current fiscal are: Varun Beverages (Rs.799.7 Cr.), CRM Services India Private Limited (Rs.53.07 Cr.), Frigerio Conserva Allana Private Limited (Rs.125 Cr.), Hindustan Uniliver Ltd. (Rs.84.66 Cr.), Verbio India Pvt. Ltd. – Germany (Rs.71.68 Cr.), Arora Iron & Steel Rolling Mills Limited (Rs.148 Cr.), United Biotech Private Limited (Rs.100 Cr.), IOL Chemical and Pharmaceuticals Limited (Rs.231.22 Cr.), Madhav Alloys Private Limited (Rs.152.34 Cr.), Neway Renewable Energy (Rs.20 Cr.) and Betelgeuse Infra Private Limited (Rs.642 Cr.).
The major investment proposals of FY2017-18 included Ludhiana Beverages (Rs.220 Cr.), Pepsico India Holdings Private Limited (Rs.83 Cr.), Preet Tractor (Rs.67.44 Cr.) and Hindustan Petroleum Corporation Limited (Rs.684 Cr.).
Besides, the state has also witnessed a major fillip in the number of MoUs signed since the Captain Amarinder Singh government took over. A total of 170 MoUs have been signed for a total investment of Rs.47116 crore between July 2017 and July 2018. A string of events facilitated the signing of the MoUs. In contrast, only 157 applications for Rs.8500 crore were received from July 2016 to July 2017.