Capt endorses US envoy’s views on importance of privatisation to boost growth

Punjab Chief Minister Capt Amarinder Singh on Wednesday favoured privatisation as a tool for development saying that the state’s new industrialisation and business policy was playing a key role in bringing in private investment with a whopping Rs 20,000 crore already committed by investors since his government took over. 

Talking to US Ambassador Kenneth Ian Juster, who called on him on Wednesday afternoon, the Chief Minister agreed with the former on the need to empower the private sector and have them fulfil their corporate social responsibilities. Punjab’s new industrial policy was structured towards this end, he said.

Capt Amarinder told the visiting delegate that as the State Agriculture Minister way back in 1985, he had prevailed upon the PepsiCo to set up a potato chips plant in Sangrur district, which was probably the first ever multi-national company in Punjab.

“The new industrial policy is aimed at providing lucrative incentives and benefits to the investors and entrepreneurs who are keen to set up their ventures in the state,” he said.

Expressing confidence that Punjab would soon emerge as the most favoured investment destination in the country due to its investor-friendly industrial policy, Capt Amarinder assured him that the State Government would provide all possible support and cooperation to the American investors who wish to set up their industrial units in the state.

The Chief Minister pointed out that Punjab is predominantly an agrarian state having mere two percent of land but contributing over 40 percent of its share in country’s food basket.

“It is now the time for us to shift from agrarian economy to high-tech industry as our conventional agriculture has already reached a plateau,” he said.