Punjab industry bodies give a thumbs-down to new state industrial policy

Ludhiana,Feb 11 (KNN) The Punjab industry bodies on Friday said that the state government’s new industrial and business policy would devastate the existing businesses.

Industrial organisations, including Fastener Manufacturers Association of India, Federation of Punjab Small Industries Association (FOPSIA), All Industries and Trade Forum and Fastener Suppliers Association of India condemned the state government for adopting a lackadaisical approach towards the existing industry in Punjab.

Speaking about the matter, FOPSIA president Badish Jindal said in the new policy, the government was assuring investors to refund 200 per cent of their investment, up to Rs 4,000 per month for workers, power at the rate of Rs 5 per unit, exemption of registration and other charges, etc.

“If implemented, the new industries will become a reason for the closure of existing industries as with cheap power, labour benefits and refund of investment, the product cost of new industries will be much cheaper as compared to existing industries,” he said.

As per reports, the industry bodies of Ludhiana will soon hold a meeting with the industrial associations of Jalandhar, Amritsar and Mohali and a major protest will be organised against the government in Chandigarh. 

The industries have also decided to boycott the Invest Punjab summit.  (KNN Bureau)