INVESTMENTS IN PUNJAB
INVESTMENTS IN PUNJAB'S MANUFACTURING SECTOR SURGE IN 2023
PUNJAB ATTRACTED 300+ INDUSTRIAL PROJECTS IN MANUFACTURING SECTOR: ANMOL GAGAN MAAN
Chandigarh, May 22: The newly introduced industrial policy and other ease of doing business initiatives of the State Government have boosted investments in the industrial ecosystem. A total of 507 industrial projects have been bagged by Punjab from January 2023 to March 2023, of which 318 projects pertain to the manufacturing sector, 139 to the services sector, and 50 are connected with the real estate sector. The robust growth in investments reflects the state's strong potential and attractiveness for businesses seeking to expand their manufacturing operations.
An official spokesperson while disclosing this said that the Punjab Government unveiled the Industrial and Business Development Policy 2022 at the 5th Progressive Punjab Investors' Summit 2023 in the presence of Chief Minister Bhagwant Mann and Anmol Gagan Maan, Minister for Investment Promotion.
With a strategic location, skilled workforce, and investor-friendly policies, Punjab has become a favoured destination for domestic and international investors looking to capitalize on the state's immense manufacturing potential. The state has attracted significant investments across various sectors including automotive, food processing, pharmaceuticals, and renewable energy.
This diversification indicates the state's ability to cater to different sectors and leverage its resources for sustainable economic growth. The investments have been primarily in Agri and Food Processing (Rs. 720 Cr.), NRSE Power Projects (Rs. 400 Cr.), Pharmaceuticals (Rs. 300 Cr.), and Auto & Auto Components (Rs. 160 Cr.). Some of the major projects belong to companies such as APIMJA Pharmaceutical, Star Foods, Khanna Paper Mills, Mindrug Biologics, Raghuvanshi Agro Chemicals and Bio Fuel, Thind Green Energy, Adler Wood, Aldicious Frozen, Jai Parvati Forge, Forge Mach Auto. This surge in investments demonstrates the growing confidence of businesses in the state's business ecosystem.
All this is a result of the State Government
implementing investor-friendly policies, undertaking ease of doing business initiatives, providing investor handholding and granting regulatory clearances through the simplified single window system of Invest Punjab, and offering timebound various incentives and subsidies. These measures have bolstered the state's competitiveness and encouraged businesses to choose Punjab as their preferred investment destination.
Minister for Investment Promotion, Anmol Gagan Maan has expressed optimism about the investment surge, stating, "Punjab's manufacturing sector has witnessed exceptional growth at the start of this calendar year, reflecting Punjab Government’s commitment to creating a business-friendly environment. We will continue to extend support to investors and foster a thriving ecosystem that promotes innovation, employment, and sustainable development with Invest Punjab playing a leading role. "
The streamlined process for granting regulatory clearances through the State Single Window System (Invest Punjab Business First Portal), positions the state as a promising investment destination for the manufacturing sector, added Anmol Gagan Maan.