Punjab to revive industry in post-Covid era with fiscal incentives

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SME Times News Bureau | 19 Feb, 2021
To promote post-Covid-19 industrial revival and attract greater investment, the Punjab Cabinet on Friday gave approval to amend the Industrial and Business Development Policy of 2017 for extension of GST formula for availing incentives under the policy till October 17, 2022.

The fiscal incentive under this policy was only applicable for investment proposals received by March 31, 2020 on the Invest Punjab Business First Portal.

With the Cabinet decision, the GST formula notified on October 17, 2018 will be extended for availing the incentive.

To avail the benefit of additional borrowing of two per cent of the Gross State Domestic Product (GSDP) in 2020-21, the Cabinet, chaired by Amarinder Singh, also gave approval to amend Section 4, in Sub-Section (2), for Clause (a) of the Punjab Fiscal Responsibility and Budget Management (FRBM) Act, 2003.

Also the Cabinet decided to revise the nearly 90-year-old fee structure under the Indian Partnership Act of 1932 to bring it on a par with other states.

A spokesperson said the prescribed fee structure for services as contained in Schedule-1 of the Act is too meagre and has become irrelevant and has not been revised since the Act came into force in 1932.

In line with the government's decision to generate jobs across departments and enhance functional efficiency through optimum utilization of manpower, the Cabinet approved restructuring of five more departments.

The decision of the Cabinet, chaired by Chief Minister Amarinder Singh, will lead to the creation of 1,875 new posts, with 3,720 existing ones, which had become defunct or irrelevant, to be surrendered.

The five departments to be restructured are Revenue, Rehabilitation and Disaster Management, Social Security and Women and Child Development, Planning, Social Justice Empowerment and Minorities and Civil Aviation.

To facilitate villagers and owners to monetise property rights and avail various benefits provided by the government and banks, the Cabinet approved implementation of Mission Lal Lakir in all villages.

As no record of rights is available for such properties within the Lal Lakir, the same cannot currently be monetised as per real value of the property and no mortgages, etc., can be created on such properties.

Under Mission Lal Lakir, right of record of properties within Lal Lakir in the villages will be prepared, with the cooperation of the government of India under the SVAMITVA Scheme.

This will enable mapping the land, households, habitation and all other areas falling within the Lal Lakir.