Punjab Government Fulfils CICU Demands, Announces Major Incentives for Industry in Annual Budget

Ludhiana, March 26, 2025: In a landmark move aimed at boosting industrial growth and supporting micro, small, and medium enterprises (MSMEs), the Government of Punjab has fulfilled the demands presented by the Chamber of Industrial and Commercial Undertakings (CICU) to Chief Minister Bhagwant Singh Mann during the recent industrial interaction in Ludhiana. The event was attended by Aam Aadmi Party’s National Convenor, Arvind Kejriwal, adding significance to the dialogue.

During the Budget speech delivered by Punjab’s Finance Minister, a comprehensive allocation of funds was announced, addressing the industrial sector's key needs:
1.    Incentives to Industry: A dedicated budget of ₹250 crore has been earmarked to provide various incentives to industries across the state.
2.    Unity Mall in Amritsar: With a vision to promote trade and cultural diversity, an ₹80 crore project for a Unity Mall in Amritsar has been announced. The mall will feature stalls from all Indian states, Union Territories, and Punjab’s 23 districts, showcasing local crafts and products.
3.    Support for MSMEs: Recognizing the backbone of Punjab’s economy, ₹120 crore has been allocated for the development and empowerment of MSMEs.
4.    Subsidized Power and Industrial Development: A total of ₹3,426 crore has been reserved for the industrial sector, ensuring the availability of subsidized power to boost competitiveness.
5.    Research and Development in Ludhiana: An allocation of ₹10 crore has been made for establishing a state-of-the-art Research and Development Centre and the Institute of Auto Parts and Hand Tools Technology in Ludhiana, supporting innovation and skill enhancement.
6.    Agricultural Diversification Support: A ₹17500 per hectare subsidy has been introduced for farmers diversifying from rice to maize cultivation, targeting a total area of 21,000 hectares.

Upkar Singh Ahuja, President of CICU, expressed heartfelt gratitude to the Punjab Government and Chief Minister Bhagwant Singh Mann for their unwavering commitment to fulfilling the industry’s needs. He emphasized that the new initiatives will not only enhance industrial productivity but also pave the way for sustainable economic growth in Punjab.

“These allocations reflect the Punjab Government's proactive approach towards fostering industrial development, innovation, and employment generation. The Unity Mall in Amritsar is a significant step towards showcasing Punjab's heritage and promoting inter-state trade. We are immensely thankful to the  CM for understanding and addressing our demands,” said Ahuja.

The announcement marks a turning point in Punjab's industrial strategy, showcasing a strong commitment to building a robust ecosystem for businesses while promoting environmental sustainability through agricultural diversification.

The initiatives are expected to create new job opportunities, encourage investments, and establish Punjab as a leader in industrial and economic development.