CM projects Punjab as most preferred investment destination

By Punjabnewswire4u

CHANDIGARH, MARCH 29

Exhorting the Industrial tycoons of the region to play a proactive role in the development of the state, Punjab Chief Minister Mr Parkash Singh Badal today said that it would go a long way in heralding a new era of industrial development in the state.

 Addressing the gathering at a function organised by the India Today group to felicitate the business wizards and industrialists of the region, the Chief Minister said that time has come when the industrialists and the state government must remove the communication gap between them and make joint efforts to build a new Punjab. Eliciting the support of the industrialists in developing the key sectors like Education and Healthcare, Mr Badal said that the industrialists of the state should take inspiration from their brethren of Gujarat and Kerala to develop their own mother state. He said that the state was open to respond to the needs of the industrial sector for which a routine discussion must be held between them and the entrepreneurs. 

The Chief Minister said that in today’s changed scenario when Agriculture has reached a point of saturation, giving fillip to the Industry was the need of the hour due to which the SAD-BJP government has taken path breaking initiatives to promote industrial development in the state. He said that Punjab offers an investor friendly and congenial investment climate to the entrepreneurs to thrive with excellent physical infrastructure coupled with availability of trained and skilled manpower in the state. Mr Badal said that it was matter of pride for them that due to the concerted efforts of their government the state was being looked as the most favored destination for investment across the country adding that to further attract huge investment in the state, Punjab government would soon come up with an investor friendly New Industrial Policy.

The Chief Minister further said that knowing well that Power was the catalyst for industrialization; the Punjab government has taken unprecedented steps to augment power generation in the state adding that Punjab would become power surplus within next one year. He said that not only this but the state Government has taken major initiatives to provide single window service to remove all bottlenecks being confronted the investors. Mr Badal said they were committed to provide all possible assistance and cooperation to ensure balanced economic growth in the state with a sharpened focus on the industrial growth.

Clearing the mist regarding certain misconceptions about the state, the Chief Minister said that contrary to claim of the critics, the state government has strengthened the base of economy. He said that the state has achieved a Growth rate of 6.73% against target of 5.9 % during the 11th plan adding that state’s debt to GSDP ratio has been brought down from 44% in 2007 to 32% now – against the national ratio of 49.6%. Mr Badal said that this was further likely to register an increase of 29%.

The Chief Minister further said that state has adopted the path of fiscal consolidation and Punjab’s revenue deficit has come down to 0.6% of GSDP, against the National average of 3.3%. Likewise he said that fiscal deficit of state has also come down 3.28% against a National average of 5.2% adding that due to the consistent effort of the state government, revenue receipts of Punjab have increased at a rate of 10.43% during 2007-12. Mr Badal further said that per capita income of the state at current prices increased by 13.7% in 2012-13 against the National average of 11.71%. Punjab today has the best basic infrastructure in the country and we have been constantly maintaining it, added Mr Badal.

The Chief Minister however rued that said that besides being the nation’s food bowl Punjab also has a distinction of producing several renowned entrepreneurs and industrialists who were known across the globe for their enterprising skill, resilience and acumen since long. He said that these eminent personalities have made enormous contribution towards the socio economic development not only in their state, country but also globally. Mr Badal rued that Punjab, which was once, one of the progressive industrial states in the country was now on the verge of industrial decay due to apathetic and discriminatory attitude of Center.

The Chief Minister further said that Punjab being a land locked state with a hostile border has suffered a lot during the prolonged militancy coupled with the industrial package given by the GoI to the neighbouring states of Himachal Pradesh, Uttrakhand and Jammu & Kashmir due to which the flight of industry took place from Punjab to these states. Mr Badal categorically said that though they were not against any such package given to these states but at the same time Punjab should also be duly compensated by allowing a similar package to offset the colossal loss suffered due to these concessions.

Dwelling on the need to develop Agro based industry in the state, the Chief Minister further said that Agro processing industry in the state has been given a special boost and mega agro projects have been approved so as to ensure maximum benefits to the small and marginal farmers. Likewise he said that in order to promote the agro based industry in the state, the SAD-BJP government has decided to give 50% subsidy to those who were desirous of setting up Agro based industries in the state.

Prominent amongst those present on the occasion included Principal Secretary to the Chief Minister Mr SK Sandhu and Media Advisor to the Chief Minister Mr Harcharan Bains.