Meeting of district level committee on industrial and business development held

Ludhiana: The new Industrial and Business Development policy 2017 launched by state government has started yielding results with the government of Punjab getting the investment proposals of around Rs 50,000 crores from all the industrial sectors. This will not only give a great boost to the economy of the state but will also prove a yardstick for achieving the employment generation target of the state.

While giving details, Mr Pradeep Kumar Agrawal, Deputy Commissioner Ludhiana, informed that one of the major achievements of this policy were the simplified approval procedure of MSME’s. Now all the new and expansion/modernisation projects can apply on Business First Portal and get all regulatory and Fiscal incentives online in a time-bound manner. State Government has recently notified an amendment whereby all projects up to Rs. 10 crores investments in plant and machinery are approved at District Level Committee which is headed by Deputy Commissioners of the districts.

He further informed that the second meeting of District Level Committee was held in which two cases one under FIIP(R) and another under IBDP2017 were considered and approved. Giving details General Manager DIC Ludhiana Mr Mahesh Khanna informed that in one case Electricity Duty Exemption amounting to Rs 50.01 Lakh was approved of  M/s Paramjot Industries, Focal Point, Ludhiana for expansion of their unit while in another case of M/s. Space Fashion Private Limited, Focal Point, Ludhiana, the FCI of the unit as well as date of production was approved.

Mr Upkar Singh Ahuja, President CICU who has also been nominated as representative of Industry along with all other officials from various Departments as designated members of District Level Committee. Mr Ahuja opined that this is a wonderful initiative of state government and will help in speedier industrialisation of state.

Necessary to mention here that stamp duty exemption amounting to Rs. 23 Lakh has already been approved to of  M/s Eshan yarns in first meeting of District Level Committee. Mr Pradeep Aggarwal also informed that this will surely boost the morale of the Industry and more and more industries should come forward to get the fiscal as well as non fiscal benefits. Besides this, the monitoring of online regulatory applications are done by the highest authorities of the departments for the various clearances to be given on time.

Giving further details, he informed that in Ludhiana till date 215 applications of fresh investment and up-gradation of existing units have been received on the portal under this policy. The industries department has provided a Business Facilitator at District Industries Centre to help the industrialists in regard to this policy. For any details, the entrepreneur can contact General Manager District Industries centre, Ludhiana.