Akali Dal President announces incentives for MSMEs in election-bound state of Punjab

Ludhiana, 29 Nov (KNN) Sukhbir Singh Badal, President of the Shiromani Akali Dal (SAD) on Sunday released the 13-point “Develop Punjab, Give Incentive to Punjabis” programme of the SAD-BSP alliance.

It announced various incentives including a new ministry decided for small industry and traders, 50 per cent reduction in EDC and registry charges, life, health and fire insurance for small traders as well as pension scheme, INR 5 lakh interest free loan for new entrepreneurs, assured power supply at the rate of INR 5 per unit and establishment of a Skill University to train required manpower, as reported by The Pioneer.

Badal said, “SAD is very clear that Punjab can progress to the next level by giving a fillip to the trade and industrial sector. We must bank on the enterprising spirit of Punjabis by encouraging the home-grown industry and removing any impediment in its growth.”

He further said that an advisory board would be established which would frame the new policies of the new Ministry for Small Traders and MSME sector.

Speaking on ending red tapism and relying on self-declaration only, he said that trade and industry would not have to maintain any books for a turnover less than INR 25 lakh. “Only a small lump sum will be charged from them,” he said.

He also announced that a ‘Build Punjab agency’ would be established which would not only regulate the functioning of the real estate sector but would also issue all clearances in a time bound manner of 45 days.

Addressing the difficulties faced by small traders whom he had interacted with in large numbers during his recent urban outreach programme, Badal said: “We are committed to implementing an INR 10 lakh life insurance, health insurance and fire insurance scheme each for small traders as well as micro and small industries. We will also initiate a pension scheme for small traders and the State will contribute towards the same.”

“The State would give a five per cent subsidy on interest owed to banks besides offering a five per cent interest subvention on working capital limit of INR 50 lakh. New entrepreneurs, especially women and youth who want to start small businesses like beauty parlours or boutiques, will be given an interest free loan of INR 5 lakh,” he said.

Among the slew of incentives announced, he also ensured availability of power at the rate of INR 5 per unit to the industrial sector as well as small traders and said that that big industry, as well as focal point associations, would be allowed to establish their own solar power plants to make them more competitive.