INDUSTRY NEWS

MSME policy a big draw for investors in Mohali

The micro, small and medium enterprises (MSMEs) scheme for the industry is proving to be a big draw for investors in Mohali. In two years since the launch of the revised industrial policy, as many as 134 units have registered themselves for starting business here, which is expected to bring Rs 300 crore in investments.

Major sectors of interest are information technology (IT); agro and food processing; automobiles and auto parts; textiles; engineering; pharmaceuticals; electronics; sports; hand tools; and leather industry; which will be set up in various industrial areas of Mohali.

Harjinder Singh Pannu, general manager, district industries centre (DIC), Mohali, said, “We have given regulatory clearance to most of the units which are in the process being set up. With this, around 50,000 jobs will be created.”

“Moreover, to boost MSMEs in the state, the Punjab government has already launched Punjab MSME Awards,” he said.

Infra, norms conducive to growth

One of the IT investors, who did not wish to be named, said, “Mohali has great potential for MSMEs due to the international airport and proximity of other states. I have already got an approval and the unit will be set up within six months.”

Sibin C, Director Industries and Commerce, Punjab, said, “Mohali is becoming a hub for MSMEs. We are improving the infrastructure in focal points and trying to provide all the facilities to entrepreneurs. Also, under the new Right to Business Act, MSMEs do not need any permission to start initially for three-and-a-half years.”

Under the Industrial and Business Development Policy 2017 of Punjab government, besides having competitive power tariff of ₹5 per unit, MSMEs also get 100% reimbursement of GST incentive for seven years; up to 100% FCI on inter and intra state sales; 100% exemption in electricity duty for seven years; 100% exemption/reimbursement of stamp duty and additional incentives, with a focus on diversification.

Source
Hindustan Times
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