PHD Chamber asks Punjab to leapfrog food processing sector

CHANDIGARH: Focus on agri-business including food processing and dairy farming, growth and ease of doing business of MSMEs, re-fueling the housing and construction sector, expansion of services sector with creation of State based insurance companies would push the growth of GSDP to more than 10% and create 2 million new direct and indirect employment opportunities in the three to five years, said Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry in Chandigarh.

The road map for the new government in Punjab has suggested to leapfrog the food processing sector especially the wheat and rice processing and to increase its presence in the US$71 billion global imports.

"Total exports from India in these products are estimated at US $ 581 million in 2016. Food processing industry holds considerable opportunities for growth and attracting investments (domestic and foreign) and to create 3 lakh direct and indirect new employment opportunities. The state has immense potential to attract investments in the growth promising areas such as textiles, steel, agriculture, agribusiness and food processing, dairy farming, fertilizers, electronics, sports goods, solar energy, tourism, handicrafts and handlooms, " says PHDCCI Chairman - Punjab committee, Rupinder Singh Sachdeva.

In the expansion of services sector, due focus should be given to financial services and especially insurance sector. The state needs 3 insurance companies. Not even a single insurance company (out of 55 companies) is operating out/ headquartered in State of Punjab, said Mr. Gopal Jiwarajka

State should focus on the opening of 1 Life Insurance Company, 1 General Insurance Company and 1 Health Insurance Company. Investments will come from local Investors, foreign investor and Punjab Government ( Initiator/ Seed Capital )

New industrial environment in the State should focus on the seven basic ingredients of production/manufacturing efficiency including availability of land, conducive industry-labour relations, availability of adequate finances, zeal for entrepreneurship, availability of skilled manpower, state of the art infrastructure including rail, road, port (dry port), airport and a greater ease of doing business, he said

Availability of required utilities such as power at reasonable rates, water, internet and telecom services coupled with speedy government approvals in environment clearances, electricity connections, construction permits, among others would go a long way attract investments in the State

Building up the perception about the state as an attractive investment destination, strengthening of the single window clearance system along with digitization of all the departments of the state government with electronic filing facilities and complete abolition of inspector Raj would improve industrial growth significantly which at around 4% is significantly lower as compared with many states.

Skilling of the Government officials at lower rungs to strengthen the policy implementation, establishing a good vocational training centre in the radius of every 25 Kms across the state, special bank for MSMEs and the use of panchayat land/ shamlats for Business Development Centres (BDCs) for Rural Youth would foster all-inclusive development in the State.