Punjab to become India’s frontrunner industrial state and preferred global investment destination

Chandigarh: Expressing satisfaction at the state’s success in promoting a robust investment environment, Chief Minister Captain Amarinder Singh on Friday expressed the confidence that Punjab was on the path to become the frontrunner on India’s industrial map, and the most preferred global investment destination.

The Chief Minister lauded the stupendous progress in creating an investment-friendly eco-system, facilitating 2661 investment proposals worth Rs.86,819 crore, received till May 2021, with an employment potential of 323,260.

The Chief Minister said the industrial sector in the state had seen a massive growth since his government took over in March 2017. The new industry-friendly policies initiated by his government, which had promoted ease of business, had attracted investor confidence, he said, pointing out that despite the sluggishness in the economy due to the Covid crisis, the state had received a whopping 267 investment proposals worth Rs.2277 crore in May 2021.

The Chief Minister also appreciated the efforts of Punjab Bureau of Investment Promotion (PBIP) in initiating several path-breaking steps to ensure prompt clearances to prospective investors/entrepreneurs to set up their industrial units. He said the recent decision to set up District Bureau of Industry & Investment Promotion (DBIIP) in each district would further promote ease of doing business in the state. This, he said, will facilitate timely grant/issuance of clearances/approvals/NOCs, applied through the Invest Punjab Business First portal.

Principal Secretary Investment Promotion Alok Shekhar said that of the Rs.2277 crore worth of proposals received in the month of May 2021, Rs.1206 crore worth were related to key projects in Real Estate, Housing & Infrastructure, Tourism and Hospitality, Healthcare, Manufacturing and Agri, Food Processing and Beverages.

According to CEO Invest Punjab Rajat Aggarwal, of the total 2661 projects initiated since March 2017, 54% have begun commercial production, while 37% are under or post construction stage.

In terms of sector-wise allocation of projects across the state, Aggarwal said that two projects have been established in Aerospace, MRO & Defence, 386 in Agri, Food Processing and Beverages, 150 in Alloy Steel and Steel, 82 in Auto & Auto Components, 30 in Bicycle and Bicycle Components/Parts, seven in Biotechnology, 36 in Chemical and Petrochemicals, two in E-Vehicles, 36 in Education, 28 in Electronics, 18 in Footwear & Accessories, 49 in Healthcare, 82 in IT & ITES, two in Leather, one in Life Sciences, 18 in Light Engineering and Machine Tools, 29 in Logistics, 858 in Manufacturing, 11 in Media & Entertainment, eight in Medical Equipment, 23 in NRSE Power Projects, 149 in Other Service Projects, 49 in Pharmaceutical, 35 in Plastic, five in Power, 215 in Real Estate, Housing & Infrastructure, 11 in Retail & E-Commerce, four in Skill Development Centres, eight in Start-ups, 199 in Textiles, Technical Textile, Apparel & Make-up and 128 in Tourism and Hospitality sector.

Giving the district-wise breakup of investment with employment potential from March 16, 2017, till May 31, 2021, Aggarwal said that Bathinda, with 70 projects worth Rs.24698 crore, tops the list with job potential of 24750 persons. It is followed by SAS Nagar with 609 projects involving investment of Rs.23,172 crore with 61,663 jobs, and Ludhiana with investment of Rs.12,094 crore in 590 projects with proposed employment of 88,836 persons. Patiala has attracted 226 projects having total cost of Rs.5576 crore, with employment potential of 17,257 jobs, and Amritsar has got 146 projects at a cost of Rs.3691 crore with 13,435 jobs.

He further said that Fatehgarh Sahib district, with 235 projects having investment of Rs.3080 crore, would generate employment for 17632 persons, Shaheed Bhagat Singh Nagar with 27 projects at a cost of Rs.3005 crore has shown investment potential of 8026 jobs, Rupnagar with 38 projects at a cost of Rs.1977 crore has opened employment avenues for 9432 persons.

The status of other districts is as follows: Hoshiarpur (59 projects, Rs.1959 crore cost, 6360 jobs); Barnala (42 projects, Rs.1164 crore cost, 5204 jobs), Jalandhar (133 projects, Rs.1081 crore investment, 9319 jobs), Pathankot (34 projects, Rs. 1066 crore, 2697 jobs), Sangrur (124 projects, Rs.943 crore cost, 11214 jobs), Gurdaspur (64 projects, Rs.649 crore cost, 16720 jobs), Sri Muktsar Sahib (27 projects, Rs.580 crore, 2023 jobs), Faridkot (29 projects, Rs.398 crore, 3971 jobs), Mansa (19 projects, Rs.380 crore, 466 jobs), Ferozepur (27 projects, Rs.332 crore, 16515 jobs), Fazilka (49 projects, Rs.321 crore, 1930 jobs), Kapurthala (29 projects, Rs.276 crore, 3667 jobs), Moga (51 projects, Rs.203 crore, 1022 jobs), and Tarn Taran (33 projects, Rs.173 crore, 1121 jobs).

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