Last Update: February 03, 2023, 22:18 IST
The Bhagwant Mann-led state government will develop 15 industrial parks across Punjab covering general and sector-specific needs of various industrial sectors and 20 rural clusters. (File Photo/PTI)
State Cabinet approves Electric Vehicle Policy, 2022 along with a move to check vehicular pollution
With a focus on infrastructure and MSMEs, the Punjab government on Friday approved the new Industrial and Trade Development Policy, 2022, which aims to boost industrial growth and generate employment opportunities in the state.
The policy is structured with a key strategic focus on infrastructure, power, MSMEs, large enterprises, innovation, startups and entrepreneurship, skill development, ease of doing business, fiscal and non-fiscal incentives, export promotion logistics, stakeholder engagement and grievance redressal has been done.
The Bhagwant Mann-led state government will develop 15 industrial parks across Punjab covering general and sector-specific needs of various industrial sectors and 20 rural clusters.
The state will set up an MSME Punjab with a focus on setting up a common facility and technology center as a dedicated wing of the Industries and Commerce Department. Punjab will also implement for MSME World Bank-assisted scheme namely Scaling up and Accelerating MSME Demonstration (RAMP).
Similarly, the government will also strengthen Start-up Punjab to promote innovation and startups in the state through Punjab Innovation Mission with special focus on women/SC/other entrepreneurship.
To woo investment, the AAP-led Punjab government will also allow setting up of dedicated country specific integrated industrial townships subject to the country’s infrastructure and other permitting criteria. The policy also envisages that the Punjab Small Industries and Exports Corporation (PSIEC) will be strengthened and an online system will be developed for all asset management services in a time bound manner. The issuance of notification for the incentive of exemption in electricity duty by the Electricity Department will be done online and in a time-bound manner through Invest Punjab. Business First Portal (IPBFP).
Under the policy, gender/ differently abled entrepreneurship/ rural impact startups/ women-led startups and startups will be exempted in public procurement with respect to experience and turnover. The Punjab Skill Development Mission will create specific skill development centers for various activities and will work with large employers in various industry sectors to create skill training facilities in partnership with such employers. As per the new policy, the Invest Punjab Business First portal will be integrated with the National Single Window Portal and services of NHAI, PWD, RDA, Irrigation Department and Forest Department will also be included in it.
The policy also provides for financial incentives for ultra-mega/mega projects, special incentives for units in border areas, startups/incubators and for the first two units in border areas in each sector of manufacturing and service.
The policy also provides for exemption of stamp duty, CLU/EDC and electricity duty for electric vehicles, sporting goods including fitness equipment for a period of seven to 15 years.
The state cabinet also approved Electric Vehicle Policy, 2022 to check vehicular pollution.
The policy aspires to establish Punjab as a preferred destination for manufacturing of electric vehicles, components and batteries besides reducing vehicular emissions, creating infrastructure, manufacturing, research and development, employment generation, ensuring sustainability Keeps The policy seeks to provide an incentive of up to 15 per cent in road tax to those buying electric vehicles.
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