New Industrial Policy in Punjab, MSMEs hopeful at the new framework

New Delhi, Oct 17 (KNN) With the Punjab Cabinet approving the new Industrial and Business Development Policy-2017 to promote the industry growth, the Micro, Small and Medium Enterprises (MSME) sector is eyeing at it with a lot of expectations.

Upkar Singh Ahuja,General Secretary of Chamber of Industrial and Commercial Undertakings told KNN that this policy is a win-win situation for the  industry in Punjab and  will revive the existing industry and strengthen the MSME sector.

He said that steel is a power intensive sector and used as a raw material for many small businesses. The reduction of power tariff   to 5 rupees per unit will reduce the production cost of the MSME sector and their products will become competitive.

He further said that under this new policy ,cabinet has derecognized the Truck Union in Punjab which will break their monopoly and benefit  MSMEs as their transportation costs will go down.

He told KNN that MSME sector in Punjab faces many problems. There are no proper R&D canters and capital rental interest is very high which is hampering their growth.

Also, the IT adoption among the small businesses is very poor. Under the ne policy, the MSMEs are expecting government to address these concerns through the MSME facilitation councils and technology centers. (KNN/AG)