Punjab Investors’ Summit garners over Rs 1 lakh-crore proposals

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Punjab, Nov 27: The 2nd Progressive Punjab Investors’ Summit held recently in Mohali has come up with a proposal to bring in an investment of over Rs 1 lakh crore. The Government of Punjab has signed 374 Memoranda of Understanding (MOUs) with companies that is expected to create nearly 2.50 lakh new jobs. The state government exempted inputs of food processing sector from taxes and promised power at Rs 4.99 per unit, which is the cheapest in the country, and also announced to do away with various taxes currently levied on the agro processing industry. Deputy Chief Minister Sukhbir Singh Badal has promised to create the best business environment among all states.Punjab has clearly laid out their vision and the overhaul is the result of a paradigm shift from agriculture to an industry driven state.The focus area will be to attract investment in various verticals including IT, food processing and plywood. The Investment Summit received representatives from nine countries with Poland being represented by a ministerial delegation. Reliance Industries Chairman Mukesh Ambani committed an investment over Rs 2,000 crore and praised the state government for its efforts for creating positive business sentiments.Y C Deveshwar of ITC Ltd, Chanda Kochhar of ICICI Bank, Rahul Bajaj of Bajaj gro

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