Chandigarh, Feb 3 (KNN) The Punjab cabinet is likely to approve the new ‘Punjab Industrial and Business Development Policy’ on February 3, 2023.

The Primary focus of the policy will be on promoting manufacturing and services sector, while creating a conducive eco-system for startups.It aims to attract investment worth Rs 5 lakh crore through the policy.

As per reports, for MSMEs and large industry, the government is ready to reimburse state goods and services tax for seven years, give 50 per cent on fixed capital investment, exemption from electricity duty and stamp duty, subsidy on applying for patents and subsidy for accessing to technology.

The Upcoming Industrial policy will focus on sector such as electronics, food processing, apparel, IT and ITES.

The Cabinet is also expected to deliberate on the new policy for labour and transportation of food grain and a policy for the promotion of electric vehicles.

Chief Minister Bhagwant Mann on Wednesday said that Punjab is the threshold of becoming a front-runner industrial state in the country and the new Industrial Policy, being prepared by the State Government, will act as a pivot for it.  (KNN Bureau)