Punjab to come up with new industrial policy to encourage local industry
Updated: Oct 27, 2015 04:32:11pm
Chandigarh, Oct 27 (KNN) Punjab deputy chief minister Sukhbir Singh Badal on Monday announced that the state government would come up with a new policy under “Make in Punjab” to encourage the local industry by providing incentives for its growth.
Addressing a series of meetings with owners of small as well as large-scale enterprises, Badal said government was committed to reviving the existing units along with attracting new industry.
“My aim is to provide entrepreneurs with congenial atmosphere, liberal policies, and online facilities for overall progress and job opportunities in Punjab,” he added.
The deputy CM said that by January 1, special purpose vehicles (SPVs) would be set up in each industrial area under the new policy.
The SPVs would collect taxes from industrialists and spend this money on the development of industrial areas. This will solve the problem of the requirement of basic amenities at the focal points, he said.
Badal said payments to industrial labour through cheques would be deferred by December 31 and alternative arrangements made in consultations with the labour department.
He announced that the excise department would scrutinise tax assessment cases of only last three years instead of five, and go back five years only if default was detected.
He also declared VAT (value-added tax) retention and power incentives even for the expansion of existing units, and assured a new power policy to bring tariff below Rs 5 per unit for industry.
Stressing that the government had excluded steel industry from the negative list, Badal said exhibition halls would be set up soon in Ludhiana, Jalandhar and Amritsar. (KNN Bureau)
Addressing a series of meetings with owners of small as well as large-scale enterprises, Badal said government was committed to reviving the existing units along with attracting new industry.
“My aim is to provide entrepreneurs with congenial atmosphere, liberal policies, and online facilities for overall progress and job opportunities in Punjab,” he added.
The deputy CM said that by January 1, special purpose vehicles (SPVs) would be set up in each industrial area under the new policy.
The SPVs would collect taxes from industrialists and spend this money on the development of industrial areas. This will solve the problem of the requirement of basic amenities at the focal points, he said.
Badal said payments to industrial labour through cheques would be deferred by December 31 and alternative arrangements made in consultations with the labour department.
He announced that the excise department would scrutinise tax assessment cases of only last three years instead of five, and go back five years only if default was detected.
He also declared VAT (value-added tax) retention and power incentives even for the expansion of existing units, and assured a new power policy to bring tariff below Rs 5 per unit for industry.
Stressing that the government had excluded steel industry from the negative list, Badal said exhibition halls would be set up soon in Ludhiana, Jalandhar and Amritsar. (KNN Bureau)
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