Punjab Business First Portal Attracts Investment Proposals Worth Rs. 21,536 Cr Within 10 Days Of Launch
Buoyed by the investor-friendly initiatives of the state government, coupled with the incentives provided by the Industrial and Business Development Policy -2017, Invest Punjab has received 55 Common Application Forms (CAFs) with proposed investment amount worth Rs 21,536 crores and employment generation of 30,700 within just 10 days after the launch of the ‘Business First Portal’.
Disclosing this, a spokesperson of the Chief Minister’s Office said that out of the 55 applications, 29 have been received from Ludhiana and Mohali and the remaining from other districts across the state. As many as 44 CAFs are with an investment of more than one crore and 11 CAFs with an investment of less than one crore.
On the directives of Chief Minister Captain Amarinder Singh, this unique initiative was taken by Invest Punjab to give further impetus to boost ease of doing business in the state. This pro-investor initiative would pave the way for further promoting industrial development in the state.
The spokesperson further said that with this initiative, the State Government would be able to ease the regulatory burden on the investors in the state. In the Business First Portal, approvals for applications of investors having more than 1 Crore Fixed Capital Investment (FCI) would be given by Punjab Bureau of Investment Promotion and for applications up to Rs. 1 Crore FCI would be given at the district level.
Pointing out that the portal launched by Captain Amarinder Singh on November 6, as a single-window clearance resource, would provide an independent interface to investors for their industrial grievance redressal, feedback and suggestions, the spokesperson said that the state-of-the-art online facility would help in bringing fiscal incentives to investors in a time-bound manner under the Industrial and Development Policy-2017.
The portal would also be instrumental in creating enormous job opportunities through the establishment of new industrial ventures across the state, thus propelling the government’s ambitious ‘Ghar Ghar Rozgar’ scheme, the spokesperson added.
Notably, a slew of lucrative initiatives and incentives taken by the Captain Amarinder Singh's government had already boosted business sentiment among industry, as reflected in the fact that investment of over Rs. 10,000 crores had been secured in the past 20 months since the incumbent Government took over in March 2017.