Punjab: Rs 5L crore investment, employment generation subsidy on the cards

The Aam Aadmi Partys (AAP) government is all set to approve The Punjab Industrial and Business Development Policy-2022 by bringing it for discussion in the Cabinet meeting scheduled this week. The previous Industrial Policy of 2017 ended on October 17.

Its for the first time that the policy would focus on providing EMPLOYMENT generation subsidy to units that employ people having Punjab domicile.

Those employing Punjabis would be given Rs 36,000 annually per employee for five years and Rs 48,000 per employee on annual basis for five years in case the employee is a woman or belongs to the reserved categories.

The policy would aim to attract an of Rs 5 lakh crore in five years, increase the share of Secondary Sector in GSDP to 30 per cent and Tertiary Sector to 62 per cent, enable job creation, develop worldclass Infrastructure, facilitate the development of at least 15 industrial parks and attract at least one anchor unit in manufacturing and Services-sector”>services sector.

For Micro, Small and Medium Enterprise (MSMEs) and large scale industries, the government would reimburse state goods and services tax for seven years, give a 50 per cent on fixed capital investment, exemption from electricity duty and stamp duty, subsidy on applying for patents and subsidy for getting access to technology.

The policy has identified certain thrust sectors, incuding electronics, Food Processing, apparel, IT and ITES. These sectors would also get above mentioned incentives, besides a slew of incentives for food processing Industry.