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To boost MSME sector, Punjab promises Rs 100-cr startup fund

MOHALI:The two-day Progressive Punjab Investors Summit-2019 culminated on a positive note on Friday with the state government promising to take steps to boost the industrial sector.

Vijay C Roy 

Tribune News Service

Mohali, December 6

The two-day Progressive Punjab Investors Summit-2019 culminated on a positive note on Friday with the state government promising to take steps to boost the industrial sector. 

Taking note of the key takeaways from the summit, Chief Minister Capt Amarinder Singh on Friday decided to set up  a Rs 100-crore startup fund, besides constituting a working group chaired by the Chief Secretary to ensure expeditious delivery on all proposals discussed at the summit. A report shall be submitted by the working group within a month.

The state government assured investors of industry-friendly policies as the summit showcased the strength of Punjab MSMEs (micro, small and medium enterprises).

Realising that MSMEs face issues pertaining to market access, the Chief Minister announced a dedicated MSME marketing cell.

The state government decided on a Rs 100-crore startup fund to boost the MSME sector and the entrepreneurial culture in the state. The startup fund will be set up by the state in partnership with IKG Punjab Technical University for the promotion of incubators. Also, Venture Capitalists and Angel Networks like Indian Angel Network and Bharat Fund may contribute to this corpus fund. 

Responding to the industry’s concerns about interference from regulatory bodies for environment and pollution, Capt Amarinder decided to go in for “Auto Consent to the Green Category Industry on Intimation”. With this, the state government will do away with inspection by any regulatory body and consent shall be given to the industry on the same day of the intimation.

Major investments announced 

Nahar Group: Rs 300-cr Logistic Park; Rs 2,000-cr Industrial Park 

Trident Group: Rs 1,000 crore in textiles

Agreements Signed

Punjab Govt, SEMI Conductor Lab and STPI for microchips

PAU and California State University for research 

Tie-up with Atal Incubation Centre at ISB (Mohali) for agri startups

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