Pinning hopes on investors’ summit

Our Correspondent

Fatehgarh Sahib, December 1

The Progressive Punjab Investors Summit-2019, to be held at the Indian School of Business in Mohali on December 5 and 6, may be a boon for the industrial town of the district and state’s secondary steel processing hub, Mandi Gobindgarh.

Chief Minister Capt Amrinder Singh has taken several steps, in consultation with industrialists, to revive the sick industry in Mandi Gobindgarh, says Kuljit Singh Nagra, Adviser to the CM, while addressing the media here yesterday.

He said Sirhind and Mandi Gobindgarh have a thriving ancillary base of more than 500 small and medium scale steel manufacturing enterprises. In the last two years, the state has witnessed a growth of 33 per cent in steel manufacturing operations and in the last one year, the industry has attracted new investments to the tune of Rs 600 crore. 

He said various steps have been taken by the government such as formulation of the Industrial Development Policy-2017, exemption of the GST, property tax, stamp duty and electricity duty to revive old industrial units. “Regulatory reforms such as removal of the steel industry from the ‘negative list of industries’, reduced power tariff (Rs5 per unit) led to greater opportunities in terms of financial sponsorship. Mandi Gobindgarh is a perfect example of how investor-focused policy alterations can build a positive investment climate and revive a fading industry,” he said. Dinesh Gupta, MD, Prabhat Heavy Forge said that the steps taken by the Government were encouraging. “The industry is becoming quality-conscious and companies are investing for the same,” he said.