Tuesday, Sep 16, 2003
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Punjab
By Our Staff Correspondent
The State Government is also planning to come out with a programme to arrest flight of capital, which has been initiated by a "partisan" economic package to the neighbouring States and the apathetic attitude of the Union Government. The committee, which recently met under the chairmanship of the Chief Minister, Amarinder Singh, cleared projects by major players, Trident Group of Industries and Khanna Paper Mill of Amritsar, which would invest Rs.830 crores and Rs.500 crores, respectively. The Trident Group would set up a terry towel project and Paper Mill at Barnala. Khanna Group of Industries would undertake expansion of existing unit of Khanna Paper Mills at Amritsar, raising its existing capacity of production from 300 to 1000 TPD. The Chief Minister said that the concessions granted to the industry included the exemption from the electricity duty, octoroi and purchase tax for five years. He said that the modalities for the concession of purchase tax would be finalised later on. The Chief Minister also announced concessions to the Nahar Group of Industries for their industrial estate being set up at Lalru on the pattern of SIEL, Rajpura. The Godrej Group of Industries had been granted concession with regard to the deferment of the sales tax for the period for which they could not avail of the concession earlier. Capt. Amarinder Singh assured the industrialists that the Government was committed to bring industrialisation in the State in a big way. He further said that Punjab would have to do something on its own to sustain its existing industry because the Centre had already given a liberal financial package to J&K, Himachal Pradesh and Uttaranchal, which had resulted in the flight of industry from the State. The Chief Minister asserted that to arrest this unhealthy trend of the flight of capital from the State, the government would certainly come to the rescue of the industrialists so that they were not compelled to close their industrial units. He pointed out that the industry alone was a solution to eradicate the menace of unemployment as agriculture had reached its saturation point. The members of the empowered committee had a detailed interaction with the industrialists and assured them to address their problems in a time-bound manner. Chairman cum Managing Director of the Trident Group, Rajinder Gupta, Chairman of the Khanna Group, Brij Mohan Khanna, MD of the Nahar Industries Kamal Oswal and representative from Godrej Industries, Parvej Gandhi put forth their views before the committee. The empowered committee included the Ministers for Finance, Lal Singh, Local Government, Jagjit Singh, Excise & Taxation, Sardul Singh, Housing & Urban Development, Raghunath Sahai Puri and Chairman Punjab Pollution Control Board, K.P. Rana, Chairman High Powered Committee on Fiscal Reforms, Surinder Singla, and Chief Secretary, Jai Singh Gill.
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