Industrial units get Benefited from Industrial and Business Development Policy 2017 Rs.5.94 Crore incentives approved

News Punjab

Ludhiana , May 23 –  Just after relaxing of daytime curfew and ensuring operationalization of Industries as per MHA guidelines, Department of Industries and Commerce has started approving fiscal incentives to various industrial units under The Industrial and Business Development policy 2017 launched by state Govt.

                                      A meeting of District level committee to consider projects upto 10 cr,was held on 22.05.2020 at DC Office under the Chairmanship of Deputy Commissioner, Ludhiana to consider cases for giving benefits like Electricity Duty Exemption and reimbursement of Stamp Duty to three units of Ludhiana.

 While giving details, Deputy Commissioner Ludhiana Mr. Pradeep Kumar Agrawal I.A.S  informed that one of  the major achievements of this policy were the simplified approval procedure of MSME’s. Now all the  new and expansion/modernization projects can apply on Business First Portal and get all regulatory and Fiscal incentives online in a time-bound manner. State Govt. has recently notified an amendment whereby all projects up to Rs. 10 crores investments in plant and machinery are approved at District  Level Committee which is headed by Deputy Commissioners of the districts.

 Giving details Mahesh Khanna GMDIC Ludhiana informed that in todays meeting three cases were put up before District Level Committee and were approved .In Two cases namely  M/s Panama Alloys INC, G.T. Road, VPO- Jugiana,Ludhiana and M/s. Radha Plastic Industries, Village- Fatehgarh Gujjran, Ludhiana benefit of   100% Electricity Duty Exemption  amounting to Rs, 463.06 lacs and Rs, 120.25lacs              respectively for a period of 7 years was approved .In Third case, a benefit of Reimbursement of Stamp Duty amounting Rs. 9.25 Lakh was given to M/s.S.G. Multimetals, Village- Bhadla, Ludhiana.

 Sh. Upkar Singh Ahuja, President CICU was present as representative from the Industry along with all other officials from various Departments as designated members of District Level Committee.

 Deputy Commissioner Sh.Pradeep Agrawal I,A,S informed that this will surely boost the morale of the Industry and more and more industries will come forward to get the benefits of this scheme.The policy has multiple benefits as beside huge fiscal benefits the monitoring of applications are done by the highest authorities of the departments for the various clearances to be given on time.

 Giving further details, he informed that in Ludhiana till date 335 applications of fresh investment and up- gradation of existing units have been received on the portal under this policy. The Industries Department has provided a Business Facilitator at District Industries Center to help the industrialists in regard to this policy. For any details, the entrepreneur can contact General Manager District Industries centre, Ludhiana.