Identifies msmes as a key engine ofeconomic growth and employment
18 units in nine different sectors to befelicitated during investors summit on december 5 & 6 at isb Mohali-Vinimahajan
CHANDIGARH: The upcoming Progressive Punjab Investors’ Summit-2019 at ISB Mohali on December 5 & 6 would focus on promotion of Micro, Small and Medium Enterprises (MSMEs) in line with its theme ‘building partnership for inclusive growth-MSMEs in the Global Value Chain’.
The Punjab Government under the visionary leadership of Captain Amarinder Singh has already taking a slew of path breaking initiatives with an aim to giving thrust for exponential growth of MSMEs across the State and this mega event would prove to be a milestone in achieving the desired goals.
In order to further boost MSMEs in the state, the Punjab Government has already launched the Punjab State MSME Awards. The awards awards will be given to Punjab–based MSMEs operating in Agro & Food Processing, Automobiles & Auto Parts, textiles, Engineering, Pharmaceuticals, IT &Electronics, Sports, Hand Tools and Leather industry.
Disclosing this here today, the Additional Chief Secretary Investment Promotion Vini Mahajan said that as many as 18 awards would be distributed in the aforesaid nine categories with a cash prize of Rs. one lac each besides an appreciation certificate during Investors Summit on December 5 and 6. Two awards will be given in each of the nine sectors one in micro/small enterprises and another in medium enterprises, said the ACS adding that this move would surely galvanize the state’s endeavour to inculcate the spirit of entrepreneurship amongst the young technocrats.
Reiterating that the State Government is fostering the spirit of entrepreneurship in the state by providing a launch pad in the form of infrastructure and supportive reforms to help the MSMEs and startups, Vini Mahajan said the Summit would highlight that Punjab houses robust MSMEs units in innumerous sectors, which could be vendors/partners of the international clients looking for ancillary units to support their global value chains. She said that the State Government was among the first to not only identify MSMEs as the key engine of economic growth and employment but also undertake several structured reforms and create supportive infrastructure to support their holistic growth and development in the past two years.
The State has created an extremely conducive ecosystem for MSMEs to thrive through the pro-industry policies and initiatives. The MSMEs are availing of these incentives on the pattern of large units as per the Industrial and Business Development Policy-2017 besides having competitive rate of power Rs. 5 per unit, 100 percent reimbursement of GST Incentive for 7 years up to 100% FCI on inter and intra state sales, 100 percent exemption in Electricity Duty for 7 years, 100 percent exemption/reimbursement from Stamp Duty and additional incentives to MSMEs with a focus on modernization/ diversification. The State Government on September 3, 2019 notified the Public Procurement (Preference to Make in Punjab) Order 2019 wherein purchase preference during public procurement will be given to local manufactures.
This policy is set to promote manufacturing and production of goods, & incentivize local production leading to enhancement of income, employment generation and expansion of MSME units, she informed.
Vini Mahajan envisioned that this Summit would act as a catalyst to attract huge investments in the state, which is evident from the fact that the stage is already set with the investments worth over Rs. 50,000 Crore firmed up during last two and half years.
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