Punjab Industry and Commerce Minister Sunder Sham Arora today said the government would soon implement “the best industrial policy” in the state to boost its industries.
He also said the new policy would be aimed at giving relief to the industry from the state GST, the property tax, the electricity duty and the stamp duty.
Arora made the statement while inviting greater investment in the state and urged the industrial captains across the country to invest in the state, especially in the textile and other sectors.
The minister said the new policy, which would be unveiled soon, would also give a chance of one time, lump sum settlement to the sick industrial units.
On the issue of VAT refunds, the minister said the deliberations have been held with the Finance Department and the government has decided to release funds to the tune of Rs 300 crore every two months with an aim to refund the whole balance by December 2018.
He further said the new industrial policy has been framed after consultations with various stakeholders and would soon be put up before the state Cabinet for its approval.
Arora, in a statement here, further said the new policy would give a major thrust to encourage the small and medium industries.
The minister claimed the state government has provided employment to 1,56,000 jobless youth in the government as well as the non-government sectors during the past one year.
He said during the past a year, the sanction has been accorded for establishment of many industries at an investment of Rs 9,200 crore, which would provide employment to 50,000 youths in the state.