Punjab govt to announce new industrial policy; MSMEs expect better subsidies, incentives

New Delhi, July 19 (KNN) In a bid to revive the industry in Punjab with a new industrial policy in the state, Chief Minister Captain Amarinder Singh recently emphasized  the need for a dedicated framework for the Micro, Small and Medium Enterprises (MSMEs). The industry in the region expects the new policy to come as a relief to the sector.

Talking to KNN, Badish Jindal, President of Federation of Punjab Small Industries Association (FOPSIA), explained the situation.

The MSME sector has been waiting for such an announcement since long, with the government finally hinting towards fresh policies for the sector, it is a good sign among the entrepreneurs.

Listing the problems that surround the MSME sector, Jindal said the cost of power in the state is very high as compared to the neighbouring states, the industry is expecting revised power subsidies.

Also there is scarcity of appropriate resources for upgradation of the MSME units, Jindal informed that the industry associations have urged the state government to collaborate under the schemes of central government to channelize the process.

Grieving about the corruption at the different layers, Jindal said that there is a prevalent culture of inspector raj in the region. While GST eliminates it in the realm of taxation, still for obtaining simple licences the industries are harassed. 

“It is for the first time that the state government is actually reaching out to the grass root industries for suggestions in the new industrial policy, therefore there is positive energy among the entrepreneurs In the region” he added. 

While the sector is eager for the new policy, it wants the government to come up with limited but achievable measures.

“Earlier too the government announced a list of measures for the MSME sector, but hardly any of it could be implemented, this time we are expecting a more action oriented approach” Jindal asserted. (KNN/ DA)