RIGHT MIX FOR BUSINESS
ROBUST INFRASTRUCTURE FOR INDUSTRY
Punjab’s existing infrastructure is amongst the best in India. The State along with private participants have continuously made investments to enhance connectivity, communication networks, and develop the urban infrastructure in the State. These include development of new power plants which ensured that Punjab has surplus and affordable power. The State has made large investments in improving connectivity and has one of the highest road densities in India. Punjab also plans to develop all its 147 cities by providing 24x7 availability of affordable power, complete coverage for sewerage and improving roads in all cities.
For further information please refer to the tab on Infrastructure and Renewable Energy.
ABUNDANT SKILLED TALENT READY FOR INDUSTRY
Punjab has an abundant supply of skilled human capital with expertise across varied sectors and functions. The State has 102 engineering colleges, 193 polytechnics and 369 ITI’s which impart relevant education and training across industries.
For further information please refer to the tab on Building a Deep Skill Base
ATTRACTIVE PACKAGE OF FISCAL INCENTIVES FOR INDUSTRIAL PROMOTION, 2013
The Government of Punjab has introduced a package to incentivize setting up of new units in the State. This package provides attractive benefits on VAT, CST, Stamp Duty, Electricity Duty and Property Tax amongst other benefits. The State has taken a landmark step by permitting retention of VAT and CST by industries. The package also provides exemptions from regulatory checks to certain classes of industries.
The new package of fiscal incentives aims to drive growth by providing companies with an opportunity to partially or fully recover their fixed capital investments through retention of VAT and CST.
MAKING PUNJAB AN EASY PLACE TO DO BUSINESS
The Government of Punjab has taken steps to ensure efficiency of its processes and to remove hurdles faced by investors. The State has set up Punjab Bureau of Investment Promotion (PBIP) which acts as a single point of contact for the investors. PBIP facilitates all essential regulatory approvals required by investors. PBIP will also provide a relationship officer to an investor who will act as a single point of contact.
SUPERIOR QUALITY OF LIFE AND A GREAT PLACE TO LIVE IN
The State is amongst the best in educational, health and recreational facilities in the country. The quality of life in Mohali and Chandigarh is comparable to that in some of the leading global cities. The Government of Punjab has taken initiatives to provide quality services to its citizens through a time bound and cost effective process. The State enjoys a low crime rate and high social stability.
Punjab offers a cost advantage of 20 - 30% compared to cities such as Mumbai, Bangalore, Chennai, Delhi (NCR) and Pune where companies are experiencing rising costs due to high wage inflation and higher operational and real estate costs.
ATTRACTIVE MARKET AND GATEWAY TO NEW AVENUES
In 2012, Punjab recorded 28% higher income per capita than the Indian average. The State has a large propensity to consume and is in close proximity to other large markets which makes it an attractive destination for companies as well as for production. The opening of trade with Pakistan would also provide access to new and untapped international markets in Pakistan and Central Asia.
WELL ESTABLISHED ECOSYSTEM
Punjab has a well defined ecosystem which aid the growth of the industry key sectors such as Agro and Food Processing, Textiles and Light Engineering. Leading producer of many food and cash crops such as cotton, sugarcane, barley, wheat, yarn etc and home to high quality educational & research facilities which aid the growth of industry.