The Punjab government is mulling a reduction in minimum fixed capital investment needs for mega projects in the upcoming new industrial policy, a move that will enable investors to enjoy incentives like exemption in electricity and stamp duties.
“There is a proposal to reduce the investment limit from Rs 100 crore to Rs 40 crore under mega project scheme and from Rs 25 crore to Rs 10 crore for projects in border belts,” Punjab Industry and Commerce Minister Anil Joshi said here.
Joshi Friday said the new industrial policy will be announced in about a ‘month-and-a-half and would be one of the best in the country’. Talking to reporters during the groundbreaking ceremony of the Rs 300 crore Model Industrial Park, being developed by Alpha G-Corp and Veer Colonisers in Amritsar, Joshi said industrial policies of states like Gujarat, Haryana, Madhya Pradesh and especially Rajasthan had been studied to formulate the policy.
Model industrial park
The director and CEO of Alpha G:Corp Development, S K Sayal, said: “Spread over 147 acres, this mega industrial park will be the first-of-its-kind in Punjab to accommodate units of Red, Green as well as Orange category industries. The flexibility to accommodate industries with varying demands along with infrastructure to support the most hi-tech and energy intensive industries makes this industrial park a distinct proposition not only for Amritsar but the entire state.”
The developers claimed that the park will generate five thousand direct jobs and 10,000 ancillary jobs. They also claimed that state government would earn Rs 130 crore yearly through tax.