The State of Punjab is known for its leadership position in the country with rapid strides in all round growth and prosperity. The State has done exceedingly well in Agriculture and has earned the epithet of “Granary of India”. Punjab is the highest contributor of wheat and rice to the central procurement pool. Agriculture, however, has limited potential to drive future economic growth of the State and it is the secondary and tertiary sectors, which will play an important role in future economic growth of the State and creation of jobs for its youth.

Punjab’s Industrial landscape – MSMEs, the backbone of Industry
Punjab has emerged as the leading hub for textile-based industries such as apparel manufacturing, spinning and hosiery exports. Further, engineering sector is a major contributor in the economy of Punjab. Over the last decade, it has grown more than 16%, and constitutes 23% of the total industrial output of Punjab. The key strength of Punjab is its thriving eco-system of well-established Micro, Small and Medium enterprises. Punjab is home to approximately 1.6 lakh MSME units, which are one of the most important pillars of the industrial growth. Punjab’s industry is dominated by small and medium enterprises. It has a rich industrial base of MSME units belonging to Auto Components, Bicycle Parts, Hosiery, Sports Goods, Agricultural Implements and many others.

lndustrial and Business Development Policy 2017 – A new paradigm

The present policy ushers bold reforms, restructures institutions, and presents a holistic framework for sustainable industrial growth of the State. The policy is architected around eight core strategic pillars of Infrastructure, Power, MSME, Ease of Doing Business, Startup & Entrepreneurship, Skills, Fiscal & Non-Fiscal Incentives and Stakeholder Engagement supported by Sector Specific Strategies for growth. The policy gives a great thrust to the development of MSME sector. The policy also aims at promoting growth of service industries apart from the traditional manufacturing industries.
In true spirit of the cooperative federalism, the policy envisages substantial alignment and synergy with respective sectoral policies of the Central Government and would focus on optimum utilization of the same and further building upon it.
The policy envisages setting up of a Policy Implementation Unit to ensure necessary support for the implementation of various aspects of the policy

Vision:
To develop the State as one of the most economically developed States in the Country and make it the best State for doing business

Mission:
(i). To accelerate industrial growth and job creation
(ii). To develop world class infrastructure for the Industry
(iii). To provide quality and affordable power to the Industry
(iv). To accelerate growth of MSMEs
(v). To focus on Start-ups and Entrepreneurship
(vi). To facilitate availability of skilled manpower to the Industry
(vii). To improve the ease of doing business in the State
(viii). To build institutional capacity and enhance institutional linkages
(ix). To bring synergy between state programs and central schemes

Goals:
1.To accelerate industrial growth and job creation
(i). To attract Rs. 5 lakh crore of investment in 5 years
(ii). To increase the Share of secondary sector in GSDP to 30% and tertiary sector to 62% (iii). To enable Job Creation – At least one job per household to fulfil Ghar Ghar Rozgaar Mission of the State
2.To develop world class infrastructure and bring anchor units
(i). To develop 4 industrial parks and 10 Industrial estates in 5 years
(ii). To attract at least one anchor unit in various manufacturing and service industry
3.To provide quality and affordable power to the Industry
4.To accelerate growth of MSMEs
5.To focus on startup and entrepreneurship
(i). To facilitate 1000 start-ups in 5 years
(ii). To set up 10 incubation centres/ accelerators in the State particularly focusing on Digital manufacturing, Lifesciences (Biotechnology), Agro & Food Processing and Information Technology
6.To facilitate availability of skilled manpower for the industry
(i). To set up one Skill University in the State
(ii). To set up one Skill centre for each identified industrial cluster
7.To improve the ease of doing business in the State
(i). To be in top 5 States in the Country in ease of doing business in 3 years and top position in 5 years
(ii). To strengthen Invest Punjab initiative by setting up of BusinessFirst portal for a single unified interface to the Industry and Businesses for all regulatory and fiscal services throughout their lifecycle
8.To build institutional capacity and enhance institutional linkages
(i). To restructure existing entities and empower them through statutory powers to translate the vision and mission into reality
(ii). To set up a Policy Implementation Unit to support the implementation of various aspects of the policy and monitor the progress