LUDHIANA: The state government is all set to implement the newly modified industrial policy after getting it approved in a cabinet meeting on July 25. Aimed at giving a fillip to new industries and reviving the old ones, the policy would entail exemption to industrial concerns from the state GST, property tax, electricity duty, and stamp duty. Industry minister Sunder Sham Arora shared this information on Thursday, in a meeting in Mandi Gobindgarh to hear out the problems encountered by different industrial organizations.On the occasion, MoUs worth Rs602.5 crore were inked to establish 41 new steel industrial units in Mandi Gobindgarh. The minister said these industries would provide jobs to more than 4,500 unemployed youth. He also disclosed that a petrochemical industry was being set up at Bathinda at a cost of Rs23,000 crore.The minister assured industrialists that power would be available at Rs5 per unit for medium and big industries, and also announced that a new focal point would come up in Wazirabad near Mandi Gobindgarh in a 133-acre area. Besides, a Focal Point would also be established at Bassi Pathan in an 8-acre area.Arora divulged that in the previous year, 1,56,000 unemployed youth were provided jobs in the government and non-government sectors. He also said permissions were accorded for establishing industries with investment to the tune of Rs9,200 crore, and this would provide employment to 50,000 jobless youth. He also elaborated that five big shredding plants were being set up all over the country, out of which one would be at Mandi Gobindgarh.The minister further announced that clusters at a cost of Rs15 crore each would be established in Mandi Gobindgarh, Fatehgarh Sahib , and Bassi Pathan to boost micro industries, and would cost Rs15 crore each, out of which the state government would spend Rs13.5 crore, and the industrial units Rs1.5 crore. The minister also said the Punjab government had given VAT refunds worth Rs340 crore, and GST refunds worth Rs48 crore to industrialists. Furthermore, the state government has provided a subsidy of Rs1,440 crore to the Power State Power Corporation Limited (PSPCL) for providing power at the rate of Rs5 per unit to the industrial sector.

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