Punjab

Punjab moots subsidy to boost industrial sector: Arora

Punjab News Express | January 20, 2019 04:41 PM

CHANDIGARH: "The Punjab Government would give  subsidy to the industrial units so as to enable the industrial sector in the state to act as propeller of the economic growth of the State. This decision would result in generating more and more employment avenues for the youth of Punjab.”

Divulging this here today, the Industries and Commerce Minister, Punjab, Sunder Sham Arora said that the intended move would strengthen the industrial infrastructure and the Punjab Government has released an amount of Rs. 2 crore for the purpose.

Arora further said that a sum of Rs. 7 crore would be provided soon as subsidy to the currently operating industrial units. He also disclosed that those industrial units which consider themselves eligible for the subsidy amount can apply and send documents at the e-mail of the industries department i.e. br.incentive@gmail.com.

The minister also added that apart from the above, the state government has also decided that the industrial units which have shut shop for any reason, Moved from their original place, Have been sold, or there has been a change at the management level owing to a family dispute or any other reason, would also be eligible for the subsidy if their bank account is in operation as before.

The minister further elaborated that the Punjab Government didn’t released the amount pertaining to the subsidy approved in the industrial policy-1992, 1996 and 2003 because the previous government had decided to not release the subsidy amount to the closed industrial units. He also detailed that the industrialists had started shifting their units to the other states because of them not being in agreement with the decision of not being granted any financial relief for resuscitating their units. He also added that the industrial units were not able to bear the burden of the loans availed which multiplied from lakhs to crores. He also informed that the Chief Minister, Captain Amarinder Singh led government heard the grievances of the industrialists at regular intervals and implemented the industrial and development policy-2017.

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