Punjab to have MSME cell, Rs 100 cr startup fund

Punjab Chief Minister Amarinder Singh on Friday announced to have a dedicated MSME marketing cell and the establishment of a Rs 100 crore startup fund.

The marketing cell will work for forming trade linkages for state MSMEs, said an official spokesperson, giving details of various decisions taken by the Chief Minister after two days of deliberations during the Progressive Punjab Investors Summit 2019 in Mohali near here.

Giving details of the startup fund, he said it would be set up by the state in partnership with IKG Punjab Technical University, for the promotion of incubators, providing seed or scale up funding to startups. Of this, 25 per cent would be used to promote Scheduled Castes and women entrepreneurs.

In a major reform measure, responding to the industry's concerns about the interference by regulatory bodies for environment and pollution, Amarinder Singh has also decided on auto consent to the green category industry on intimation.

With this, the state will do away with inspection by any regulatory body and consent would be given to the industry the same day of intimation, said the spokesperson.

To encourage the non-paddy based agriculture processing sector to wean the farmers away from paddy, thereby saving water and preventing air pollution from stubble burning, the Chief Minister has decided on certain amendments to the GST reimbursement policy in this regard.

Based on his discussions with the UAE delegation, led by their Ambassador to India, Amarinder Singh has directed Invest Punjab to immediately establish a dedicated UAE desk at their office, said the spokesperson.

In response to concerns and demands raised by the industry to boost ease-of-doing business, Amarinder Singh has decided on giving permission for sale of independent floors in apartment buildings. He has also agreed to bring in a land leasing law, as urged by industry, at the earliest.

( With inputs from IANS )