Punjab to soon issue notifications for new industrial policy

CHANDIGARH: Punjab government today said it will soon issue necessary notifications for new industrial policy which was rolled out to attract industrial investments in the state.

"The notification (for new industrial policy) will be issued soon. The notification for incentives can be issued anytime," Punjab, Director (Industries) Vikas Pratap told reporters here without giving any time-frame for the same.

At the time of launch in June, Punjab Deputy Chief Minister Sukhbir Singh Badal had said the necessary notifications with regard to new industrial policy would be issued within a one month of its launch so the policy could be implemented.

Punjab Government had launched its ambitious new industrial policy in June, offering a host of tax incentives to manufacturing, agro and food processing, IT and electronic hardware sectors coupled with faster clearance in a bid to attract fresh investments in the industrial space.

With fiscal incentives being offered for 7 to 13 years depending upon the scale of investments, the state government had announced offering VAT exemption from minimum of 50 per cent to maximum of 80 per cent for new manufacturing including textiles and agro and food processing sectors.

For electronics, hardware and IT sector, the level of tax exemption is to be up to 100 per cent.

Besides, there would be 100 per cent exemption from payment of stamp duty, electricity duty and property tax and 75 per cent in payment of Central Sales Tax (CST).

Punjab's had come out with the previous industrial policy in 2009.