Punjab Will Be Power Surplus, Cheapest Rates To Become Industrial Hub:Sukhbir Singh Badal

By 1 2 1 News Reporter

Chandigarh 23^rd October: --- Punjab will be the easiest, best, and cheapest place in India to do business, and which is exactly what industry wants, said Punjab deputy chief minister Sukhbir Singh Badal. "This is because Punjab will soon be a power surplus state, and will provide power at the cheapest rate in India," he said at an Interactive Session on Business Opportunities in Punjab, which was organised by Confederation of Indian Industry (CII) in partnership with the Government of Punjab in Mumbai today. Badal, along with a team of officials, is in Mumbai to meet captains of industry and seek investments in Punjab. Over the last two days, he held one-on-one meetings with Tata Sons Chairman Cyrus Mistry, Reliance Industries Ltd Chairman Mukesh Ambani, Godrej group chief Adi Godrej, and Mahindra and Mahindra vice-chairman Anand Mahindra. Speaking at the interactive session, he said that the reason he took so long to seek investment was because he wanted to make his state an attractive destination before turning to industrialists. "For years, Punjab is known for providing 60% of India's wheat and rice. But now we have a vision and mission to make Punjab a top industrial destination," he said. Listing the state's strength, he pointed out that Punjab has the highest per capita income in the country, and that Punjabis are avid consumers of goods, which makes it a large market. He further said the state possess a highly educated and skilled workforce. The deputy chief minister said the state would allow industrialists investing in the state to retain up to 80% of the VAT expenditure for a period of 10 years. "Through this saving you will recover whatever investment you may make," he said, and said the state was holding a Progressive Punjab summit at Chandigarh on 9 and 10 December, to which he invited the gathered businessmen. Punjab's commerce and industry minister Madan Mohan Mittal said Punjab was already a leader in the textile and clothing and the agro-processing sector. "The state has unlimited opportunities for investors," he added. R Mukundan, Chairman, CII Western Region, and MD, Tata Chemicals said that when Punjab was busy drafting its new industrial policy, it had sought and accepted CII's recommendations, among which were exemption from electricity duty, stamp duty and creating a land bank.