Progressive Punjab Investors Summit to promote MSME
In order to further boost MSMEs in the state, the Punjab Government has already launched the Punjab State MSME Awards. The awards awards will be given to Punjab–based MSMEs operating in Agro & Food Processing, Automobiles & Auto Parts, textiles, E...
The Punjab Government under the leadership of Captain Amarinder Singh has already taking a slew of path breaking initiatives with an aim to giving thrust for exponential growth of MSMEs across the State and this mega event would prove to be a milestone in achieving the desired goals.
In order to further boost MSMEs in the state, the Punjab Government has already launched the Punjab State MSME Awards. The awards awards will be given to Punjab–based MSMEs operating in Agro & Food Processing, Automobiles & Auto Parts, textiles, Engineering, Pharmaceuticals, IT &Electronics, Sports, Hand Tools and Leather industry.
Disclosing this here today, the Additional Chief Secretary Investment Promotion Vini Mahajan said that as many as 18 awards would be distributed in the aforesaid nine categories with a cash prize of Rs. one lac each besides an appreciation certificate during Investors Summit on December 5 and 6. Two awards will be given in each of the nine sectors one in micro/small enterprises and another in medium enterprises, said the ACS adding that this move would surely galvanize the state's endeavour to inculcate the spirit of entrepreneurship amongst the youth.
Vini Mahajan said the Summit would highlight robust MSMEs units in innumerous sectors, which could be vendors/partners of the international clients looking for ancillary units to support their global value chains. She said that the state undertake several structured reforms and create supportive infrastructure to support their holistic growth and development in the past two years.
The State has created an extremely conducive ecosystem for MSMEs to thrive through the pro-industry policies and initiatives. The MSMEs are availing of these incentives on the pattern of large units as per the Industrial and Business Development Policy-2017 besides having competitive rate of power Rs. 5 per unit, 100 percent reimbursement of GST Incentive for 7 years up to 100% FCI on inter and intra state sales, 100 percent exemption in Electricity Duty for 7 years, 100 percent exemption/reimbursement from Stamp Duty and additional incentives to MSMEs with a focus on modernization/ diversification. The State Government on September 3, 2019 notified the Public Procurement (Preference to Make in Punjab) Order 2019 wherein purchase preference during public procurement will be given to local manufacturing.