The small and medium enterprises (SMEs) in Punjab can finally heave a sigh of relief after a long ordeal. The recently announced Punjab industrial policy has come as a new lease of life for sick and non-performing small scale units in the state. The new policy has given priority to the SME segment to drive the industrial growth of the state. It is further aimed at promoting their development to boost the economic growth of the state. With the implementation of this new industrial plan, SMEs in the state are optimistic of a promising future ahead.
As a part of the new industrial policy, the Punjab government would offer tax concessions and provide a relief package to accelerate the growth of SMEs in the state. Adoption of the cluster approach and initiation of development models under the new industrial plan is expected to enhance the competitiveness of the SME segment. Under this policy, measures for the revival of sick units would also be undertaken to stimulate the industrial growth of the state.
Small scale industrial units engaged in the steel, forging, casting, hand tool and textile sectors of Punjab are expected to be benefitted from the new policy. Several small scale units in Jalandhar, Ludhiana, Batala, Amritsar, Mohali, Kapurthala, Gobindgarh and Mandi are most likely to gain from the new industrial policy that would come into effect by January end or beginning of February, 2009.
With its focus on the SME segment, the new industrial policy in Punjab can bring about a meaningful change to the state’s economy. Some of the major policy initiatives are also aimed at making the state a favourable investment destination.
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Saurabh Garg
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