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Investments in Punjab’s Manufacturing Sector: The new industrial policy introduced by the state government and the initiatives of the state government to set up businesses have given a big boost to investment in the industrial sector. A total of 507 industrial projects have been acquired by Punjab from January 2023 to March 2023, out of which 318 projects belong to the manufacturing sector, 139 to the service sector and 50 to the real estate sector. The strong growth in investments reflects the strong potential and attractiveness in the state for new businesses seeking to expand their manufacturing operations.
Giving this information, the official spokesperson said that the Industrial and Business Development Policy-2022 was inaugurated by the Punjab Government in the presence of Chief Minister Bhagwant Mann and Investment Promotion Minister Anmol Gagan Mann at the 5th Progressive Punjab Investor Summit-2023.
With a strategic location, skilled man-power and investor-friendly policies, Punjab has become a favorite destination for domestic and international investors looking to tap into the vast manufacturing potential of the state. The state has attracted significant investment in various sectors including automotive, food processing, pharmaceuticals, and renewable energy.
This diversity reflects the state’s ability to cater to different sectors and leverage its resources for sustainable economic growth. The investment is mainly in Agri and Food Processing (Rs. 720 crore), NRSE. In power projects (Rs. 400 crore), pharmaceuticals (Rs. 300 crore), and auto and auto components (Rs. 160 crore). Some of the major projects belong to companies like APIMJA Pharmaceuticals, Star Foods, Khanna Paper Mills, Minderug Biologics, Raghuvanshi Agro Chemicals and Bio Fuels, Thind Green Energy, Adler Wood, Aldicious Frozen, Jai Parvati Forge, Forge Mac Auto. This increase in investments reflects the growing confidence of businesses in the state’s business climate.
Investment Promotion Minister @AnmolGaganMaan has expressed optimism about investment surge,stating, “Punjab’s manufacturing sector has witnessed exceptional growth at the start of this calendar yr, reflecting Punjab Govt’s commitment to creating a business-friendly environment.” pic.twitter.com/pDQupiXKuH
— Government of Punjab (@PunjabGovtIndia) May 22, 2023
This overwhelming response is due to the state government’s implementation of investor-friendly policies, ease of doing business initiatives, providing handholding and regulatory clearance to investors through the simplified single window system of Investment Punjab, and various incentives and incentives in a timely manner. This has been made possible by offering subsidies. These measures have strengthened the state’s competitiveness and encouraged businesses to choose Punjab as their preferred destination for investment.
Investment Promotion Minister, Anmol Gagan Mann expressed optimism about the increase in investment, saying, “In the beginning of this year, there has been an unprecedented growth in Punjab’s manufacturing sector, which reflects the Punjab government’s commitment to create a business-friendly environment. We will continue to provide the right environment to support investors and foster business so that Invest Punjab continues to play a leading role in promoting innovation, employment and sustainable growth.”
Anmol Gagan Mann added that the streamlined process for granting regulatory clearances through the State Single Window System (Invest Punjab Business First Portal) makes the state an attractive investment destination for the manufacturing sector.
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