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One Time Settlement Policy for sick MSMEs units soon in Punjab: State Minister

Updated: May 11, 2018 07:42:56am

One Time Settlement Policy for sick MSMEs units soon in Punjab: State Minister

New Delhi, May 11 (KNN) In a bid to facilitate the sick units of Punjab MSME sector for their growth and survival the Punjab Government will soon bring one time settlement policy in the state, said the Minister for Industry and Commerce Sunder Sham Arora, while addressing the gathering of industrialists during his maiden visit to the industrial hub of the state.

Further to give stimulus to the industrial development the Minister promised to build an industrial friendly environment in the state.

Blaming BJP government for the deteriorating situation of MSMEs in Punjab, he said that thousands of units got shut down in the state due to poor policies of the government in its 10 years regime which led to sharp decline in the industry sector in Punjab.

Speaking on the one settlement policy to revive MSME sector, he asserted that the government led by Chief Minister Capt Amarinder Singh is committed to reviving the industry in Punjab and one-settlement policy is a just first step to give much-needed relief to those sick units who went into severe losses.

Calling them the backbone of Punjab's development, “the industrialists will have the complete freedom to raise their issues and problems before the government and they will not have a need to shift their units out of the state”, he added.

Further to attract more investments in the state, he informed the industrialist about the new industrial policy that has been introduced by the Punjab Government which is primed to bring the new investments of worth Rd 60,000 crore in the state.

Also, he ensured the business community to protect them from all kind of mafia and inspector raj system he said, the way government has banned the truck union; inspector raj and mafia will be eliminated from the state.

In addition to this, he added that more air connectivity at Ludhiana airport will be available in the forthcoming days as more flights would start operating from the airport which will help the MSMEs in doing trade activities without much trouble.

Claiming no electricity shortage in Punjab, he ensured the MSMEs and SMEs that they will continue to get the power on a flat rate of Rs 5 per unit.

For the repair and maintenance of focal points in Ludhiana, Minister announced Rs 10 crore of financial support to them.

During the meeting, Minister was also briefed about the problems and challenges being faced by Ludhiana Industries.

On the occasion, the renowned industrialists revealed the minister about the issues and gave suggestions for betterment of industry.

Principal Secretary Rakesh Kumar Verma appealed the industrialists to take benefit of Central Government's program by forming clusters.

Punjab Small Industries and Export Corporation (PSIEC) Managing Director Rajat Aggarwal revealed that the work of Cycle Vally in Dhannsu is set to complete within three months and PSIEC would also open in Zonal offices in Ludhiana, Jalandhar, Sri Amritsar Sahib.


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