Trade and Commerce in Punjab

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Trade and Commerce in Punjab

Punjab was the first Indian State to use agricultural technology to engineer a “Green Revolution”, recording the highest Growth rate in food production. Today, with its rich agricultural Resources and favourable Climate, the state continues to be one of the largest producers of food grains and Cash Crops in the country. Punjab contributes 68 per cent to the annual food production of India. Punjab’s large agriculture base gives it a competitive advantage in industries such as Food Processing and textiles.

 

  • Punjab with 5.03 million hectares area and Population of 24.3 million has a number of advantages of doing business. Agriculture has been the main stay of Punjab’s economy. Although it accounts for 1.5% of total land area of the Country, yet it accounts for 54% of the marketable surplus of wheat and 38% of the marketable surplus of rice in India.
  • Punjab ranks high in the country in the following areas:-
  • Infrastructure-2/”>INFRASTRUCTURE
  • Power
  • Road Network
  • Telecom Density
  • Attractive Consumer Market
  • Agriculture Production

 

Advantage of Doing Business in Punjab:

The main advantages of doing business in Punjab are:-

– Highest work force productivity. Only 1.2% of all man-days lost, despite having 5% of the total industrial work force.

– Excellent human resources and availability of manpower. There are 10 Universities / Deemed Universities. Besides, there are exclusive technical universities with 100 plus professional colleges. 10,000 technicians and 20,000 skilled craftsmen are trained every year in 55 polytechnics and 180 ITIs.

– All towns and villages are covered with telecom infrastructure. State has highest Optic Fibre Density of 25,000 Kms. which is 2.5 times the national Average.

– Every village of the State is connected with Metal roads – 61,530 Kms.

– Per capita bank deposits in the State are 1.8 times of the national average.

– Motor vehicle density in Punjab is 2.4 times of national average.

 

Introduction of Punjab Trade and Commerce:-

Regardless of the parcel (1947), Amritsar keeps on being the main focal point of exchange and business and keeps up its matchless quality in materials. It is the greatest assembling focus of material merchandise, unsettles and shawls, and workmanship silk Industry. Certain assortments of material, as shaneel, are made just in Amritsar and Bombay.

Amritsar likewise appreciates a one of a kind position in the exchange of dry natural products, being the principle focus of imports from Afghanistan and Pakistan. As respects papar-warrian, it has right around a restraining infrastructure and the ‘Amritsari papar-warrian’ are outstanding all through the nation for their zesty flavor. Being the main business focus, Amritsar completely speaks to the farming plushness of the Punjab, and fares wheat, gram, paddy, Cotton, maize, and so on. In spite of the fact that arranged on the Indo-Pak fringe, the region is very much associated by rail, street and air.

With these correspondence offices, it is conceivable to bear on exchange and trade with no trouble with far-flung puts inside the nation and furthermore with those past its boondocks. It has an immediate business clear from Kabul to Bombay. Amritsar is prominent for the exchange of dry foods grown from the ground which are transported in from Afghanistan and Iran.

The essential things of import in the area are

  • dry natural products,
  • Millets,
  • cardamom
  • grapes,
  • karyana items,
  • saugi,
  • almond,
  • pista (pistachio) etc.

The principle things traded from the locale incorporate material merchandise,

  • nuts,
  • fasteners,
  • nails,
  • cotton,
  • paddy,
  • screws,
  • apparatus,
  • woolen products,
  • papar-warrian,
  • wheat,
  • gram,
  • maize,
  • toria, etc.

 

Punjab Board of Investment and Trade

Punjab Board of Investment and Trade (PBIT) was set up in 2009 by Salmaan Taseer, the legislative leader of Punjab.The first administrator was the central priest of Punjab, Shehbaz Sharif.The first bad habit executive and CEO was Haroon Khawaja.PBIT is a legislature claimed organization which is run and oversaw by a Board of Directors (BOD) made out of individuals from the administration and the private area.

The parts under concentration for exchange and venture at PBIT as of now include:

  1. Agribusiness alongside Livestock and Dairy,
  2. Vitality,
  3. Framework and
  4. Assembling

 

New Industrial Policy of Punjab

However, in view of the fast changing global economic scenario, the State Government decided to frame a new well directed Industrial Policy to push the State’s economy. It was, decided to utilise the experience and expertise of UNIDO to suggest measures for attracting new investments and revival / growth of existing Industry. This initiative of State Government was also supported by the Department of Industrial Policy & Promotion of Government of India by providing financial assistance to UNIDO for this assignment.

The MSME area has been sitting tight for such a declaration since long, with the administration at long last implying towards new strategies for the segment, it is a decent sign among the business visionaries.

Posting the issues that encompass the MSME segment, Jindal said the cost of energy in the state is high when contrasted with the neighboring states, the industry is expecting amended power sponsorships.

Additionally there is shortage of proper assets for upgradation of the MSME units, Jindal educated that the business affiliations have asked the state government to work together under the plans of focal government to channelize the procedure.

Lamenting about the defilement at the distinctive layers, Jindal said that there is a predominant culture of controller raj in the area. While GST disposes of it in the domain of tax collection, still to obtain straightforward licenses the enterprises are irritated.

While the area is excited for the new approach, it needs the administration to concoct constrained however achievable measures.,

Trade and commerce are the backbone of the economy of Punjab. The state is home to a number of industries, including agriculture, manufacturing, and Services. Punjab is also a major trading partner with other countries in the region.

Agriculture is the primary occupation of the people of Punjab. The state is known for its production of wheat, rice, cotton, and sugarcane. Punjab is also a major producer of milk and meat. The state’s agricultural sector is highly mechanized and employs a large number of people.

Manufacturing is another important sector of the economy of Punjab. The state is home to a number of factories that produce a variety of goods, including textiles, electronics, and machinery. Punjab is also a major producer of automobiles and auto parts. The state’s manufacturing sector is growing rapidly and is expected to create more jobs in the future.

Services are the fastest growing sector of the economy of Punjab. The state is home to a number of call centers, Software companies, and other service providers. Punjab is also a major tourist destination. The state’s service sector is expected to continue to grow in the future.

Punjab is a major trading partner with other countries in the region. The state exports a variety of goods, including agricultural products, textiles, and machinery. Punjab also imports a variety of goods, including oil, machinery, and electronics. The state’s trade sector is expected to continue to grow in the future.

Punjab has a well-developed infrastructure, including a network of roads, railways, and Airports. The state also has a number of Ports, which facilitate trade with other countries. Punjab’s infrastructure is expected to continue to improve in the future.

Punjab is a safe and secure state. The state has a low crime rate and is free from terrorism. Punjab’s security situation is expected to remain stable in the future.

Punjab is a beautiful state with a rich culture and history. The state is home to a number of historical monuments, including the Golden Temple and the Lahore Fort. Punjab is also a popular tourist destination. The state’s tourism industry is expected to continue to grow in the future.

Punjab is a great place to live, work, and raise a family. The state has a strong economy, a low crime rate, and a beautiful Environment. Punjab is a great place to start a business or invest in real estate. The state’s economy is expected to continue to grow in the future.

Punjab is a great place to do business. The state has a low Corporate tax rate and a number of incentives for businesses. Punjab is also a member of the World Trade Organization, which gives businesses access to a global market. The state’s business environment is expected to continue to improve in the future.

Punjab is a great place to invest in real estate. The state has a growing economy and a low cost of living. Punjab is also a popular tourist destination, which makes it a good investment for real estate investors. The state’s real estate market is expected to continue to grow in the future.

Punjab is a great place to start a business. The state has a low corporate tax rate and a number of incentives for businesses. Punjab is also a member of the World Trade Organization, which gives businesses access to a global market. The state’s business environment is expected to continue to improve in the future.

Punjab is a great place to live, work, and raise a family. The state has a strong economy, a low crime rate, and a beautiful environment. Punjab is a great place to start a business or invest in real estate. The state’s economy is expected to continue to grow in the future.

Here are some frequently asked questions about trade and commerce in Punjab:

  1. What are the main industries in Punjab?

The main industries in Punjab are agriculture, manufacturing, and services. Agriculture is the largest sector of the economy, accounting for about 20% of GDP. Manufacturing is the second largest sector, accounting for about 15% of GDP. Services is the third largest sector, accounting for about 65% of GDP.

  1. What are the main exports of Punjab?

The main exports of Punjab are agricultural products, such as wheat, rice, and cotton. Other important exports include manufactured goods, such as textiles, machinery, and electronics.

  1. What are the main imports of Punjab?

The main imports of Punjab are petroleum products, machinery, and chemicals. Other important imports include food, clothing, and automobiles.

  1. What is the trade balance of Punjab?

The trade balance of Punjab is negative, meaning that the value of imports exceeds the value of exports. This is due to the fact that Punjab imports a lot of petroleum products and machinery, which are relatively expensive.

  1. What are the main trade partners of Punjab?

The main trade partners of Punjab are India, the United States, and China. India is the largest trade partner, accounting for about 20% of total trade. The United States is the second largest trade partner, accounting for about 15% of total trade. China is the third largest trade partner, accounting for about 10% of total trade.

  1. What are the main challenges facing trade and commerce in Punjab?

The main challenges facing trade and commerce in Punjab are infrastructure, Logistics, and Corruption. Infrastructure is a major challenge, as the roads, railways, and airports in Punjab are not well-developed. This makes it difficult to transport goods and people. Logistics is also a challenge, as there is a lack of efficient customs procedures and Warehousing facilities. Corruption is another challenge, as there is a lot of bribery and extortion in the business environment.

  1. What are the opportunities for trade and commerce in Punjab?

The opportunities for trade and commerce in Punjab are significant. The economy is growing rapidly, and there is a large population of consumers. The government is also investing in infrastructure and logistics, which will make it easier to do business in Punjab.

  1. What are the future trends for trade and commerce in Punjab?

The future trends for trade and commerce in Punjab are positive. The economy is expected to continue to grow, and the government is committed to improving the business environment. This will make Punjab an attractive destination for foreign investment and trade.

  1. Which of the following is not a major agricultural product of Punjab?
    (A) Wheat
    (B) Rice
    (C) Cotton
    (D) Tea

  2. Which of the following is not a major industrial product of Punjab?
    (A) Textiles
    (B) Engineering goods
    (C) Chemicals
    (D) Tea

  3. Which of the following is not a major tourist attraction in Punjab?
    (A) Golden Temple
    (B) Wagah Border
    (C) Pinjore Gardens
    (D) Tea Gardens

  4. Which of the following is not a major river in Punjab?
    (A) Sutlej
    (B) Beas
    (C) Ravi
    (D) Yamuna

  5. Which of the following is not a major city in Punjab?
    (A) Amritsar
    (B) Jalandhar
    (C) Ludhiana
    (D) Tea Garden

  6. Which of the following is not a major language spoken in Punjab?
    (A) Punjabi
    (B) Hindi
    (C) English
    (D) Tea

  7. Which of the following is not a major festival celebrated in Punjab?
    (A) Baisakhi
    (B) Lohri
    (C) Diwali
    (D) Tea

  8. Which of the following is not a major food item of Punjab?
    (A) Roti
    (B) Rice
    (C) Dal
    (D) Tea

  9. Which of the following is not a major dance form of Punjab?
    (A) Bhangra
    (B) Gidda
    (C) Kathak
    (D) Tea

  10. Which of the following is not a major sport played in Punjab?
    (A) Hockey
    (B) Cricket
    (C) Football
    (D) Tea