New Delhi, 19 Oct (KNN) “Punjab has huge potential for growth and can become world class hub for manufacturing,” said Upkar Singh Ahuja, President, Chamber of Industrial & Commercial Undertakings (CICU).

“Products manufactured in Punjab are showing tremendous growth in segments like Processed Food, Automotive Components, Bicycle, Garments & Knitwear, Hand tools, Garment Machinery, Farm Equipment, Tractor and Tractor Parts and Many more. All these products have the potential of making Punjab a 1 Trillion economy,” added Ahuja.

“The need of the hour is vision of political leaders, Robust Road Map 2030 should be designed taking all stake holders in consideration. Long term policies with focused approach and well planned strategies toward Research & Development, New Product Development, and Linkage of Academia with Industries must be craved. State Govt. must initiate production link schemes and Export freight incentives for high value products,” opined Ahuja.

The Punjab Legislative Assembly elections are likely to take place in Feb-March next year. The political parties have already started engaging with the citizens on discussion of their strategy for the future of the state which lies in factors like high entrepreneurial spirit, Easy access to good education, Hardworking manpower, Good connectivity etc.

Manufacturing sector contributed 54.8 % in economy of Punjab in year 2019, which is over half of State’s economy. In job creation segment manufacturing sector again stand highest with 54.8% job creation and construction being second with 41%.

Textile, Food Processing and Sports goods sectors can be good contributors too. In 2017-18 GSV is 47.4%. The planned Textile Park planned at 1000 acres near Ludhiana can be a good option to speed-up production of Textile and Garment industry, same is with other planned industrial parks in the state.

Auto Components and Bicycle manufacturers can be a game changer as well. Many auto components manufacturing units started manufacturing high end production.

Service Sector & Startups can be an explored and strengthened, as maximum growth is expected in these sector. Availability of ample Surface water can make Punjab a tourist destination as well.