Punjab's draft industrial policy to aid investment

CHANDIGARH: In order to create a conducive business environment and to make the state an attractive investment destination, Punjab’s `Draft Industrial Policy 2002’ offers to create a facilitative regime through decentralisation, deregulation and self-compliance.
The draft looks beyond capital subsidy assistance and sales tax exemptions hitherto, a focus of attention in all previous policies. The new policy, to be given final touches after feedback and Cabinet clearance, proposes to do away with subsidy and sales tax exemptions to new units except allowing such concessions to sick SSI units in view of the commitments made under WTO.
However, the draft policy says that the commitments made by the state government under the ’96 industrial policy shall be fully taken care of.
The government will continue to allow ST incentives by way of deferment/exemption to the units which have been availing concessions under previous policies till the expiry of the concession period. The benefit will also continue to be available to such pipeline units which fulfil the conditions as prescribed in the notification of June 17, ’02 issued by the state government.