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Punjab govt approves new industrial policy ahead of investors summit on Feb 23-24

Updated: Feb 04, 2023 10:25:24am
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Punjab govt approves new industrial policy ahead of investors summit on Feb 23-24

Chandigarh, Feb 4 (KNN) Making a timely move, the Punjab Cabinet on Friday approved its new industrial and electric vehicle policies as it is set to host an investors’ summit on February 23-24, 2023 in Mohali. 

Chaired by the Chief Minister Bhagwant Mann the policies were approved in a meeting of the Council of Ministers.

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Laying thrust on key focus areas, the new Industrial and Business Development Policy (IBDP)-2022 policy offers a slew of incentives for various sectors, such as infrastructure, power, and MSMEs among others.

The cabinet also approved the Punjab Electric Vehicle Policy (PEVP)-2022 with a move to check the environmental pollution due to emission from vehicles. 

It aims to reduce vehicular emission, create infrastructure, manufacturing, research and development, job creation, ensuring sustainability.

The policy also intends to establish Punjab as a favoured destination for manufacturing of electric vehicles, components and batteries, an official statement said.

Meanwhile, the IBDP-2022 will be effective from October 17, 2022, the time when the previous policy’s period ended, and will remain in force for five years.  (KNN Bureau)

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