Expressing satisfaction at the state’s success in promoting a robust investment environment, Chief Minister Capt Amarinder Singh on Friday expressed the confidence that Punjab is on the path to become the frontrunner on India’s industrial map, and the most preferred global investment destination.
The Chief Minister lauded the progress in creating an investment-friendly eco-system, facilitating 2,661 investment proposals worth Rs 86,819 crore, received till May 2021, with an employment potential of 3,23,260.
“The industrial sector in the state had seen a massive growth since the Congress government took over in March 2017. The new industry-friendly policies, initiated by the government which had promoted ease of business, had attracted investor confidence,” he said, pointing out that despite the sluggishness in the economy due to the COVID crisis, the state had received a whopping 267 investment proposals worth Rs 2,277 crore in May 2021.
The Chief Minister also appreciated the efforts of Punjab Bureau of Investment Promotion (PBIP) in initiating several path-breaking steps to ensure prompt clearances to prospective investors or entrepreneurs to set up their industrial units. “The recent decision to set up the District Bureau of Industry and Investment Promotion (DBIIP) in each district would further promote ease of doing business in the state. This will facilitate timely grant or issuance of clearances, approvals, or NOCs, applied through the Invest Punjab Business First portal,” he added.
The state Principal Secretary (Investment Promotion) Alok Shekhar said that out of Rs 2,277 crore worth of proposals received in the month of May 2021, Rs 1,206 crore were related to key projects in Real Estate, Housing and Infrastructure, Tourism and Hospitality, Healthcare, Manufacturing and Agri, Food Processing and Beverages.
Invest Punjab CEO Rajat Aggarwal said that of the total 2,661 projects initiated since March 2017, 54 percent have begun commercial production, while 37 percent are under or post construction stage.
In terms of sector-wise allocation of projects across the state, Aggarwal said that two projects have been established in Aerospace, MRO and Defence, 386 in Agri, Food Processing and Beverages, 150 in Alloy Steel and Steel, 82 in Auto and Auto Components, 30 in Bicycle and Bicycle Components or Parts, seven in Biotechnology, 36 in Chemical and Petrochemicals, two in e-vehicles, 36 in Education, 49 in Healthcare, 82 in IT and ITES, 23 in NRSE power projects, among others
Giving the district-wise breakup of investment with employment potential from March 16, 2017, till May 31, 2021, Aggarwal said that Bathinda, with 70 projects worth Rs 24,698 crore, tops the list with job potential of 24,750 persons. It is followed by SAS Nagar (Mohali) with 609 projects involving investment of Rs 23,172 crore with 61,663 jobs, and Ludhiana with investment of Rs 12,094 crore in 590 projects with proposed employment of 88,836 persons.
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