Chandigarh, December 19
In a major relief to the state’s industrial sector, Punjab Industries Department has given a one-time special opportunity to the State’s industrial units to migrate to the new policy.
“Punjab Industrial and Business Development Board has accorded the one-time special opportunity of making an application to such industrial units desirous and eligible for migration from Fiscal Incentives for Industrial Promotion (Revised) — 2013 to Industrial and Business Development Policy, 2017, within 60 days from the date of approval by the Board as per the prescribed procedure under the Detailed Scheme and Operational Guidelines 2018,” said the state Industry and Commerce Minister Sunder Sham Arora on Wednesday.
Arora said that representations have been received from the industry that they were new to the online system of fiscal incentives developed on the Invest Punjab.
Punjab Government had already notified Industrial and Business Development Policy, 2017, on October 17, 2017, wherein the provision was made for the units migrating from Fiscal Incentives for Industrial Promotion (Revised) — 2013 to Industrial and Business Development Policy, 2017, he said.
“They were given the time of 90 days to exercise their option for migration. Since the Invest Punjab Business First Portal was launched on November 6, 2018, hence the time was extended by 90 days with effect from November 6, 2018,” he added.\
The Minister said that to accord one-time special opportunity, the matter was now discussed in the third meeting of Punjab Industrial and Business Development Board which was held under the chairmanship of Chief Minister Capt Amarinder Singh on December 2, 2019.