Consider the following statements 1 Punjab state government has decided to amend the Industrial and ...........

Punjab Economy

Consider the following statements.

1.Punjab state government has decided to amend the Industrial and Business Development Policy 2017 to boost industrial development.

2.Punjab Government is going to establish a hi-tech Cycle Valley on a 100-acre industrial park in Mohali.

Which of the following statements is/are correct ?

1 Only

2 Only

Both 1 and 2

None of the above

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Explanation:

In a bid to boost industrial development in Punjab, the state government has decided to amend the Industrial and Business Development Policy 2017.The state government going to amend the Industrial and Business Development Policy 2017 to give investment incentive by way of Net State Goods And Services Tax (SGST) on intrastate sale to promote business enterprises in the State.Punjab state government has also given its nod to global tendering for the upcoming hi-tech Cycle Valley on a 100-acre industrial park in Ludhiana.
The Cabinet noted that since the Government could not give direct concessions to industry in matters of land acquisition, other incentives should be provided through amendment to the policy so that both the state and the industry get the best deal through measures such as global tendering.
The Cabinet observed that for effective implementation of the policy there was need to explicitly define and explain the term ‘Net SGST Incentive’.