Organised by Department of Industries and Commerce, Government of Punjab in Mohali from December 9- 10, 2013, 'Progressive Punjab Investors Summit' was a first of its kind initiative by the Government of Punjab to reach out to investors and business leaders to showcase opportunities offered by Punjab and also showcase the state's strengths which make Punjab one of the most favoured destinations and one of the easiest place to do business in India. Punjab is amongst one of the leading states of India in terms of industrial investment with a unique combination of a strategic geographic location, talented human resources, excellent infrastructure and unlimited growth opportunities.
The summit focussed on opportunities for investors in sectors like manufacturing, textiles, light engineering, information technology, hardware & electronics, agro and food processing, tourism, health and bio-sciences to provide impetus to the state economy.
The government projected the state as a leader in infrastructure development, human development, per capita income and availability of skilled labour. The government unveiled the state's new industrial policy offering fiscal incentives to tap its vast potential. The policy offers exemption from a host of taxes including VAT, CST, stamp duty, property tax, electricity duty etc, depending upon the scale of investments for a certain period.
It also projected Punjab's surplus power as a strength and showcase two new units. In an effort to provide 'ease of doing business' to new investors, the state government has also set up a Punjab Bureau of Investment Promotion ( PBIP), headed by a CEO, which will be empowered with required authority to give clearances to new investment proposals and fiscal incentives in a time bound manner.
The Punjab government claimed that 117 domestic and overseas companies had made commitments of over Rs.65,000 crore worth of investments in the state during the two-day investors' summit. Some of the investment commitments include realty giant DLF (Rs.9,500 crore), Bharti Airtel (Rs.4,000 crore), Reliance 4G (Rs.2,500 crore) and others. ITC had announced to set up a food processing industry while Fortis Healthcare had also promised to invest Rs 1,100 crore in healthcare sector.
Chief Minister Parkash Singh Badal announced that the state government would do everything "to ensure timely execution of Memorandum of Commitments (MoCs)" to prove that Punjab indeed is a favoured destination for industrial investment. "We want to change Punjab's image from just being a food grains state to an industrialised state. We are open for new ideas and innovations to boost up the industrial growth in Punjab," he said.
The government was expecting participation of 30 foreign and 400 domestic companies in the investors summit. Expressing satisfaction over the scale of participation in the summit, Badal further announced that the Punjab government would establish three world-class convention centres at Mohali, Ludhiana and Amritsar.
The summit saw Reliance Industries chairman Mukesh Ambani, Arcelor-Mittal Chairman Lakshmi Niwas Mittal, ITC chairman Y.C. Deveshwar, Hero MotoCorp's Sunil Kant Munjal, Biocon chairperson Kiran Mazumdar Shaw, Bharti Airtel chairman Sunil Mittal, G.V.K. Reddy from GVK Group, DLF vice chairman Rajiv Singh, Fortis Healthcare Executive Chairman Malvinder Mohan Singh and other leading industrialists in attendance.
Punjab Deputy Chief Minister Sukhbir Singh Badal, who was behind the organization of the summit, said that the state government wanted to make Punjab the No. 1 state in the country in industrial development. "Within four to six months, physical work would be started on these MoCs since the government has appointed teams to assist business houses and provide them land according to their needs," Badal told media after the conclusion of the summit.
The next summit would be held in industrial hub Ludhiana on December 9- 10, 2014. The state government would look at tapping more companies including overseas ones for participation in the next investors summit.
For more information, please visit event website www.progressivepunjab.gov.in