Punjab makes a strong case before 16th Finance Commission for industrial development package at par with Jammu & Kashmir to control flight capital

Punjab makes a strong case before 16th Finance Commission for industrial development package at par with Jammu & Kashmir to control flight capital

Amritsar/Chandigarh, July 23:

Putting up its case in a most emphatic and convincing manner, Punjab has sought a special package of incentives for rapid industrial development in it’s Border Districts, equivalent to those offered in Jammu & Kashmir in order to control flight capital from Punjab.

In a presentation here today before the 16th Financial Commission led by Chairman Arvind Panagariya, the Additional Chief Secretary (Industries & Commerce) Tejveer Singh outlined the industry friendly eco system of Punjab needing the requisite support in order to ensure development at accelerated pace across the industrial spectrum.

Among other features of the presentation, a One-time compensation was sought for mitigating the economic losses incurred due to the trade embargo at Attari-Wagah Border, along with annual compensation until its reopening. Besides, a dedicated Special Economic Export Zone to enhance exports of agri-products and Basmati rice was also sought.

With a view to salvage the industrial sector, Freight subsidy was sought to offset high logistics costs for industries, particularly in Border Districts. Similarly, a Production-Linked Incentive (PLI) scheme to promote diversification, competitiveness, and employment opportunities in the agricultural sector, Subsidized interest rates on term loans and working capital to stimulate industrial growth, competitiveness, modernization, and expansion was also sought. The Special tax benefits, akin to those provided to hill states, to support the border industry were sought too.

The industrialists from multiple sectors on the occasion conveyed to the Commission the need for giving incentives for boosting the MSMEs in the State apart from ensuring a robust infrastructure at the ports to avoid the delay in shipping consignments to Punjab, good medical infrastructure in the form of hospitals in Majha and Doaba, ESI hospitals in every city, One Nation One Tariff policy, Taking industry in loop before signing Free Trade Agreements (FTAs), package to farmers to incentivize them for stop burning paddy stubble, Grants to the Municipal Corporations in Ludhiana, Jalandhar and Amritsar to boost urban infrastructure, National level fund for MSMEs, Grant of industry status to the hospitality sector, Cold chambers at the airports for preserving perishable export fruit products, boosting crop diversification, water resources and tourism.

The Director of M/s. Savi International Jalandhar Mukil Verma highlighted the need for giving much needed boost to the sports industry as our neighbouring country is far ahead in sports exports.

On the occasion, the Finance Minister Harpal Singh Cheema, NRI Affairs Minister Kuldeep Singh Dhaliwal, Power Minister Harbhajan Singh ETO and Transport Minister Laljit Singh Bhullar honoured Mr. Arvind Panagariya.

Among others present on the occasion included the Deputy Commissioner Amritsar Ghanshyam Thori, CEO Invest Punjab and Director Industries and Commerce DPS Kharbanda, Chairman CII Punjab Abhishek Gupta, Regional Chairman of PHDCCI Punjab Chapter R.S. Sachdeva, Chairman M/s. PHDCCI Punjab Chapter Karan Gilhotra, President of Federation of India Export Organization & Director Victor Tools & Fargings Jalandhar Ashwani Kumar Victor, General Secretary of sports goods manufacturer and Exporters Association Jalandhar, Director of M/s. Savi International Jalandhar Mukil Verma, President of Printing and Processing Association Amritsar Krishan Sharma, President Punjab Rice Millers & Exporters Association Amritsar Ashok Kumar Sethi, Arvinder Pal Singh (Lal Quila), Finance Secretary CICU Ludhiana Ajay Bharti, President of Hotel & Restaurant Association Amritsar Arvind Pal Singh Chattha, President of Punjab Pradesh Beopar Mandal (Regd) Amritsar Piara Lal Seth, President of Bal Kalan Welfare Association Amritsar Sandeep Khosla, President of Focal Point Industrial Welfare Association Amritsar Kamal Dalmia, President of Sangrur Industrial Chamber of Commerce Ghanshyam Kansal, MD of M/s. Sukhjit Starch Phagwara, MD of M/s. Ganga Acrowool Ludhiana Amit Thapar and Chairman of M/s. Vardhman Group Sachit Jain.