Punjab News/ Cabinet give nod for PBIP to ensure speedy approvals for investment in state

Chandigarh, November 30, 2013: In a bid to give impetus to investment promotion in the state under the ‘Progressive Punjab Campaign’, the Punjab Cabinet today approved the establishment of the Punjab Bureau of Investment Promotion (PBIP) to carry forward the new investment policy of 2013 expeditiously in a time bound manner.  
A decision to this effect was taken here at a meeting of the Cabinet chaired by Punjab Chief Minister Parkash Singh Badal this afternoon.  
Disclosing this here today a spokesperson of the Chief Minister’s Office said that the bureau would have a Board of Governors (BoGs), an executive committee and a chief executive officer to discharge its functions.  The BoGs of the PBIP as its apex governing body would be chaired by the Chief Minister while the Deputy Chief Minister/Minister in charge Investment Promotion department would be its co-chairman besides Industries Minister as its vice chairman.  The other members of the Bureau would include six Cabinet Ministers, Chief Secretary and other concerned Secretaries,   besides the Chief Executive Officer as its member-secretary.  Apart from these, three technical experts and five representatives of trade, industry and commerce would be nominated by the state government.  The BoGs being an apex body for all matter relating to the bureau would be responsible for approving its regulations and procedures and allocating such functions to the Executive Committee and the Chief Executive Officer which were not otherwise specified.  The Executive Committee comprising of important administrative secretaries would be chaired by the Chief Secretary.  This committee would regularly monitor, supervise and review the functioning of the bureau.  It would also be responsible for organizing campaigns, events, conferences and meetings for promoting Punjab as an investment destination both in India and abroad.  The Chief Executive Officer would receive, process and approve all investment proposals including new investments and modernization, upgradation and expansion of existing industrial units.  He would coordinate all efforts of the state government to encourage new investments and its actualisation in the state in respect of all sectors of trade, commerce and industry.