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December 4, 2023 9:13 am

Give incentives to Punjab at par with neighbouring J&K: Arora to Centre

The Fact News Service
Ludhiana, August 11

Rajya Sabha MP from Ludhiana Sanjeev Arora strongly believes that Punjab Industry is too much at a disadvantage compared to Jammu and Kashmir.

In a statement here today, Arora said, “A lot of incentives are being given by the Centre to boost industry in Punjab’s neighbouring State Jammu and Kashmir considering this state as a special category state. As a result, Punjab Industry is too much at disadvantage compared to Jammu and Kashmir whereas Punjab being a Border State also deserves special incentives by the Centre.”

Arora said the Government of India has notified the New Central Sector Scheme for Industrial Development of Union Territory of Jammu & Kashmir (J&K) to attract capital investments in J&K with a financial outlay of Rs.28,400 Crore (Upto the year 2037). The Scheme provides four types of incentives namely Capital Investment Incentive, Capital Interest Subvention, Goods and Services Tax Linked Incentive and Working Capital Interest Subvention. Incentive Package by Government of India include Central Capital Investment Incentive for access to credit (CCIIAC) @ 30% of the investment in plant and machinery with an upper limit of Rs.5.00 Crore; Central Interest Incentive (CII) @ 3% on Capital credit advanced by the scheduled banks or central/state financial institutions; Central Comprehensive Insurance Incentive (CCII) @100% of insurance premium on insurance of building & plant & machinery; and Reimbursement of the Goods & Services Tax paid by the unit limited to the Central Governments share of CGST and/or IGST retained after devolution of a part of these taxes to the State.

Arora said he has taken up the matter of Incentivising Industries of Punjab in the ongoing session of Rajya Sabha recently, asking about the steps being taken by government to save the existing industry and new industries in the State of Punjab on similar lines to those of Jammu and Kashmir, where incentives and investment have been made for that State; and if not, the reasons therefor.

Adding, Arora said in reply to his questions the Union Minister of State for Commerce and Industry Som Parkash stated that “The state of Punjab is not a special category state as Jammu & Kashmir, since it does not meet the specified criteria. However, several initiatives have been taken to develop the existing and new industries in Punjab.”

Arora said the Union Minister further mentioned in his reply that a total of 1173 micro food enterprises in Punjab have been approved under Pradhan Mantri Formalization of Micro food processing Enterprises (PMFME) scheme in which Government of India provides financial, technical and business support for setting up/ upgradation of micro food processing enterprises. Besides, a total investment of Rs. 134.93 crore have been committed in projects located in Punjab under Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) scheme of Government of India which intends to support creation of global food manufacturing champions and to support Indian brands of food products in international market.

However, Arora has expressed his utter dissatisfaction with the Minister’s reply especially keeping in view that the Minister is from Punjab. Arora has urged the Centre to take more initiatives to boost industries in Punjab which is a border state. He added Punjab Industry has already suffered heavily during the era of militancy and the recently occurred pandemic situation. He added that the Punjab Government under the dynamic leadership of Chief Minister Bhagwant Mann is already taking many initiatives to boost industrialisation and inviting big investments from outside Punjab. He added the Centre’s special incentives to Punjab Industry, if given, will give a further boost to the state government’s initiatives.

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