The achievements of the one-year-old AAP government on the front have been mixed. The unveiling of the new Industrial and Business Development Policy, 2022, after extensive consultations with experts and stakeholders was lauded by many. However, the imposition of high water charges on industry, poor Infrastructure at focal points and dharnas by farm unions that disrupted Logistics have proved to be a stumbling block.
To attract industry, the Cabinet approved a new policy for industries and electric vehicles last month after the Industrial and Business Development Policy, 2017, lapsed in October last year. The policy focuses on Ease of Doing Business, support for MSMEs and attracting Investment in key sectors. With this policy, the state aims to provide a supportive and conducive Environment for businesses to flourish, attract investments and spur innovation. It outlines various incentives, subsidies and Infrastructure Development plans to facilitate ease of doing business.
The State Government is of the view that the new policy will be a game-changer for the economy, but experts are of the view that it’s too early to comment. The state also organised Progressive Punjab Investors Summit last month to attract investment. During the meeting, Chief Minister Bhagwant Mann said the focus of the summit was not signing MoUs, but to showcase opportunities.
As far investment is concerned, in the last 11 months, the state has received 2,295 proposals amounting to Rs 41,043 crore, with Tata Steel investing Rs 2,600 crore in setting up a plant in Ludhiana.