To enable the industrial sector in the State to act as propeller of its economic growth, Punjab Government has decided to give subsidy to the industrial units in the state.

Facts :

• The intended move would strengthen the industrial infrastructure and the Punjab Government has released an amount of Rs. 2 crore for the purpose.
• This decision would result in generating more and more employment avenues for the youth of Punjab.
• A sum of Rs. 7 crore would be provided soon as subsidy to the currently operating industrial units.
• Apart from the above, the state government has also decided that the industrial units which have shut shop for any reason, moved from their original place, have been sold, or there has been a change at the management level owing to a family dispute or any other reason, would also be eligible for the subsidy if their bank account is in operation as before.
• Punjab Government didn’t released the amount pertaining to the subsidy approved in the industrial policy-1992, 1996 and 2003 because the previous government had decided to not release the subsidy amount to the closed industrial units.
• The industrialists had started shifting their units to the other states because of them not being in agreement with the decision of not being granted any financial relief for resuscitating their units.
• The industrial units were not able to bear the burden of the loans availed which multiplied from lakhs to crores.
• Chief Minister, Captain Amarinder Singh led government heard the grievances of the industrialists at regular intervals and implemented the industrial and development policy-2017.
• The MSMEs have been incentivised by giving them support in Zero Effect Zero Defect (SED) scheme of the Government of India, besides reimbursement of expenses incurred on the energy audit, water audit, safety audit and expenses for environment compliance.
• To encourage these units in research and development activities, guidelines have also been framed for reimbursement of expenses incurred on patent registration, quality certification, besides additional support for Performance and Credit Rating Scheme.
• To provide marketing support to MSMEs, the cabinet also approved a Freight Assistance Scheme for export from MSMEs, besides finalising a scheme for providing fiscal incentives to incubators in the public and private sector.
• Focusing on Information Technology (IT) sector and start-ups, the cabinet has finalised operational guidelines for providing them incentives, capital subsidy to IT/ITES units and employment generation subsidy to anchor units.
• Those industrial units which consider themselves eligible for the subsidy amount can apply and send documents at the e-mail of the industries department i.e. br.incentive@gmail.com.