Amritsar, Dec 11 (KNN) The PHD Chamber of Commerce and Industry, Punjab is demanding for a speedy implementation of the ‘One District One Product’ scheme in state.

This will give a new recognition to the special industries of each district at the global level, they said.

The PHDCCI recently submitted a report on ‘Emerging Economic and Business Dynamics in Punjab’ to the state government on Sunday.

Jaideep Singh, regional coordinator of the PHD Chamber of Commerce and Industry Punjab chapter, said, “this was a great opportunity for industrialists to share their vision. It will provide conducive environment for the industry to flourish and make Punjab a leading industrial state in the country.”

Punjab showed rapid economic recovery in the post-pandemic period.

Gross State Domestic Product at constant prices grew at 6 per cent in 2022-23. Apart from the share of services sector in GSDP growing from 44 per cent in 2011-12 to 46 per cent in 2022-23, the structural composition of Punjab’s economy has remained broadly the same.

The report stated that there is immense potential for the industrial sector in Punjab. After a decline in industrial growth for some years, it accelerated from 0.31 per cent growth in 2020-21 to 7 per cent in 2021-22.

Punjab’s industrial sector will grow at the rate of 4 per cent in 2022-23.

The PHD Chamber of Commerce and Industry has also a submitted proposals to the government regarding the formation of a Chandigarh Capital Region, saying that a high-level committee under the chairmanship of the Chief Secretary of Punjab and including stakeholders from the surrounding four districts of Mohali, Fatehgarh Sahib, Patiala and Ropar should be formed.

The PHDCCI appreciated the government’s financial management in the post-GST compensation era. The report covers the macroeconomic environment of Punjab, development strategy, recent developments in the economic and business environment, areas of growth prospects and position of Punjab’s economy in comparison to other states.

(KNN Bureau)