Business

Punjab Government

Punjab to have dedicated MSME marketing cell, Rs.100 cr startup fund to promote industry

December 07, 2019 10:41 PM

SAS NAGAR (MOHALI): Punjab Chief Minister Captain Amarinder Singh has decided on a Dedicated MSME Marketing Cell, as well as the establishment of a Rs 100 crore Startup Fund, in a focused endeavour to boost the MSME sector and the Startup culture in the state.

The MSME Marketing Cell will work for forming trade linkages for Punjab MSMEs, said an official spokesperson, giving details of various decisions taken by the Chief Minister after two days of deliberations during the Progressive Punjab Investors Summit (PPIS) 2019.

Giving details of the Startup Fund, the spokesperson said it will be set up by the state government in partnership with IKG Punjab Technical University, for the promotion of incubators, providing seed or scale up funding to Startups. Of this, 25% shall be used to promote SC and Women entrepreneurs, he said, adding that VCs/Angel Networks like Indian Angel Network and Bharat Fund may contribute to this corpus fund.

In a major reform measure, responding to the industry’s concerns about the interference by regulatory bodies for environment and pollution, Captain Amarinder has also decided on ‘Auto Consent to the Green Category Industry on Intimation’. With this, the state government will do away with inspection by any regulatory body and consent shall be given to the industry the same day of intimation, said the spokesperson.

Further, to encourage the non-paddy based agri processing sector to wean the farmers away from paddy, thereby saving water and preventing air pollution from stubble burning, the Chief Minister has decided on certain amendments to the GST reimbursement policy for this purpose.

Based on his discussions with the UAE delegation, led by their Ambassador to India, Captain Amarinder has directed Invest Punjab to immediately establish a Dedicated UAE Desk at their office, said the spokesperson. To take the PPIS agenda forward, the Chief Minister has also ordered a monthly round table to be conducted at the level of the Chief Secretary with the partner countries of the Summit by rotation.

The spokesperson said Captain Amarinder has taken cognizance of the suggestions and recommendations that emerged from the discussions. Taking note of the key takeaways from each engagement, interaction as well as session, he has decided to constitute a Working Group, chaired by the Chief Secretary, within 7 days, to ensure expeditious delivery on all points. A report shall be submitted by the Working Group on the feasibility of implementing suggested policy measures within a month.

In response to some other concerns and demands raised by the industry to boost ease of business, Captain Amarinder has decided on giving permission for sale of independent floors in apartment buildings, and for a minimum FAR of 3, throughout the State. He has also agreed to bring in a land leasing law, as urged by industry, at the earliest, according to the spokesperson.

The Chief Minister, said the spokesperson, has also taken note of the need to market the state more aggressively, both in terms of its tourism potential and investment opportunities.

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