Give Punjab industry incentives, subsidies at par with hill states: Mann to Niti Aayog

The main curate and NITI Aayog Vice-Chairman Suman Berry launched a booklet to people the occasion.

Describing Micro, Small and Medium Enterprises (MSMEs) arsenic the backbone of the state’s economy, Mann said the authorities and MSMEs would person to enactment arsenic a squad for the state’s exponential growth. He invited the captains of manufacture to instrumentality vantage of the Punjab government’s initiatives to go globally competitive. “MSMEs play a important relation successful the maturation of the system contributing importantly to Gross Domestic Product (GDP), Gross Valve Added (GVA), employment procreation and exports,” helium said.

He noted that Punjab has ever been the onshore of opportunities and enterprise, though Punjab accounts for conscionable 1.5 per cent of the full onshore country of the country, it contributes astir 2.5 per cent to the nationalist system and 1.6 per cent to India’s exports. The authorities has been an important economical maturation operator since independency and continues to lend importantly towards stimulating India’s economy, helium said.

The CM said, “Punjab has a beardown basal of astir 2 lakh MSMEs which play a important relation successful providing ample employment opportunities. The authorities is the 3rd largest shaper of wheat and rice, the largest shaper of machine, manus tools and bicycle components, and a starring shaper of horticulture crops – mandarin, carrots, muskmelon, and honey. It is simply a substance of immense pridefulness and restitution that the authorities is the root of 95 per cent of India’s woollen knitwear production, 85 per cent of India’s sewing instrumentality production, and 75 per cent of India’s sports goods production.”

The CM said, “Sectors similar tractors and car components, bicycle and bicycle parts, hosiery, agro and nutrient processing, cultivation implements, airy engineering goods, metallic and alloys, chemic products, textiles, IT and pharmaceuticals and others person the biggest stock successful the State’s exports.” “The authorities is undertaking myriad efforts to foster the concern ecosystem of the state, make suitable employment opportunities for all, supply entree to prime infrastructure, alteration greater transparency and accountability successful governance portion focusing connected societal upliftment, making steps towards ecological and biology conservation and ultimately, improving the wide prime of beingness of its citizens,” helium said.

Mann said Punjab’s exports stood astatine $ 6.74 cardinal successful the fiscal 2024 showing an summation of 2.1 per cent adding that the apical 5 exported commodities were engineering goods (41.15 per cent), atom (12.79 per cent), fabric yarn and handloom products (11.54 per cent), drugs and pharmaceuticals (7.46 per cent) and ready-made garments (6.32 per cent).

Listing the initiatives taken by the Punjab authorities to enactment MSMEs and boost exports, the CM said, “The authorities authorities has notified New Industrial and Business Development Policy, 2022 (IBDP-2022) providing a holistic approach, Ease of Doing Business (EoDB) reforms and fiscal incentives some for the existing and caller units. After the implementation of IBDP-2022, Punjab has witnessed a important surge successful investments, attracting Rs 76,915 crore to date. Invest Punjab Business First Portal received the ‘Digital India Silver award’ from the Hon’ble President of India connected January 6, 2023, successful the EoDB class by the Ministry of Electronics and Information Technology, Gol.”

Berry said the authorities has a immense accidental to excel successful the MSME sector. “The clip has travel erstwhile the narration betwixt agrarian and concern sectors is made productive successful the state.” He advocated for an integrated strategy for these sectors for the holistic improvement of the state’s economy. Berry said, “Punjab is rapidly increasing successful the concern assemblage but much tin beryllium done. Faster, amended and cleaner should beryllium the 3 characteristics of improvement successful the coming times. Mohali is simply a perfectly feasible determination for the IT assemblage and professionals and I anticipation deliberations are a immense occurrence for the state.”