Punjab bets big on maiden Investor Summit

CHANDIGARH: Much awaited 2-day Progressive Punjab Investors Summit will kick off in Mohali tomorrow to project the state as a key business destination with the state government expecting investment commitments of up to Rs 50,000 crore during the event.

Corporate honchos including RIL Chairman Mukesh Ambani, Arcelor-Mittal Chairman L N Mittal, L&T Executive Chairman A M Naik, ITC Chairman Y C Deveshwar, Biocon CMD Kiran Majumdar Shaw, Fortis Healthcare Executive Chairman Malvinder Mohan Singh and Hero MotoCorp Joint MD Sunil Kant Munjal are expected to participate in the event, official sources said.

"The first Progressive Punjab Investors Summit 2013 will be showcasing the state's strengths which make Punjab one of the most favoured destinations in the country," Punjab Deputy Chief Minister Sukhbir Singh Badal had said last week.

The government is expecting participation of 30 foreign and 400 domestic companies in its first ever investors summit.

"We are expecting investments to the tune of Rs 25,000 crore to Rs 50,000 crore in investors' summit," Punjab Industry Minister Madan Mohan Mittal said.

The government will project the state as a leader in infrastructure development, human development, per capita income and availability of skilled labour.

It will also unveil the state's new industrial policy offering fiscal incentives to tap its vast potential. The policy offers exemption from a host of taxes including VAT, CST, stamp duty, property tax, electricity duty etc, depending upon the scale of investments for a certain period.

The government will also project Punjab's surplus power as a strength and showcase two new units. The first unit of 660 MW of Talwandi Sabo (3X660) became operational at Mansa on November 25, while first unit of Nabha 700 MW thermal plant would get commissioned today at Rajpura in Patiala district. With this, Punjab expects to be power surplus by next year.

The government has kept its focus on inviting investments in sectors like manufacturing, textiles, engineering, IT, agro and food processing, tourism, health and bio-sciences to provide impetus to the state economy.

In an effort to provide 'ease of doing business' to new investors, the state government has also set up a Punjab Bureau of Investment Promotion ( PBIP), headed by a CEO, which will be empowered with required authority to give clearances to new investment proposals and fiscal incentives in a time bound manner.