Punjab

PUNJAB GOVT SIGNS 50 MOUS AT RS 1200 CR INVESTMENT TO BOOST PLASTIC INDUSTRY

November 27, 2017 10:34 PM

  • GOVT ALSO MULLING 50% REDUCTION IN FIXED POWER TARIFF FOR INDUSTRY, SAYS CM
  • NO CHANGE IN RS. 5/UNIT IMPLEMENTATION DATE, RATE IS EFFECTIVE FROM NOV. 1

 

Chandigarh(Face2News)

Giving a further fillip to its industrial development agenda, Punjab Government on Monday signed 50 MoUs, with a total investment of Rs 1200 crore, for the upcoming plastic clusters in the state, amid indications of reduction in fixed charges for power tariff to boost industrial development.

Chief Minister Captain Amarinder Singh, in whose presence the MoUs were signed, said his government had already taken various initiatives to promote industry, including elimination of truck cartels and electricity at Rs 5/unit, and was now mulling 50% reduction in fixed charges of power for the industry.

He also clarified that the Rs 5/unit industrial power tariff would be effective from November 1, 2017, as announced by his government, and there had been no change in the date for the implementation of the revised tariff.

On the occasion, the Chief Minister also released a document titled "Investment Opportunities in the Plastic Sector", outlining the government’s plans to promote investment in the plastic sector and the fiscal incentives for the MSME Plastic Processing Units.

Captain Amarinder lauded the HMEL’s World Class Cracker & Petrochemical Complex at Bathinda, which he said would open up vast opportunities in the Plastic Processing, Plastic Machinery, Additives and related industries in the State of Punjab. HMEL, which has already invested Rs 32000 crore in the state, is planning a further investment of Rs 23000 crore, which will facilitate Punjab’s industrial development, said the Chief Minister, adding that the increase in availability of plastic raw materials (i.e PE and PP) shall offer immense opportunities for exponential growth of the plastic processing industry.

The state was seeking to develop Plastic Industry Clusters in Sangrur, Patiala, Bathinda and Ludhiana, said the Chief Minister, adding that Punjab’s new Industrial Policy, with its various incentives for the state, would help the industry compete in the market.

The Chief Minister assured the Plastic Industry of full support getting all the clearances at the district level by setting up Single Window System at the district level under the Deputy Commissioner.  He further said his government will seek the Centre’s assistance under Plastics Parks Development Scheme for developing infrastructure for the Industry.

Pointing out that plastics find application in most of the industrial sectors, the Chief Minister said the demand for plastics could be taken as an indication of industrial growth and development of the economy. He described plastics as a sustainable industry, required for various consumer goods, packaging, infrastructure and other usage.

Punjab, he said, had immense potential to boost the use of plastic in various products while aligning to national and global standards. Though traditionally present in South India, the plastic industry was now witnessing major growth in the northern region too.

The MoUs, signed today by the Department of Industries and Commerce, envisage the creation of about 6000 jobs. Of these, 1000 employment opportunities will be created by Supreme Polytubes Ltd, with which the state government has signed an MoU worth Rs 600 crore. Other major deals include a Rs. 40 crore MoU with Synergy Poly Additives Pvt. Ltd (150 jobs), Rs. 35 crore each with Tulsi Dye chem (P) Ltd (250 jobs) and RIAN Chemicals Pvt Ltd (250 jobs), Rs 25 crore each with Star Polyfab (400 jobs) and J.K PolyFibres (250). A Rs 10 crore MoU with Om Plastics will lead to the creation of 500 jobs.

Prominent among others who attended the function included Former Minister of State for External Affairs Preneet Kaur, MLA Sangrur Vijay Inder Singla, Media Advisor to CM Raveen Thukral, Chief Principal Secretary to CM Suresh Kumar, Principal Secretary to CM Tejveer Singh, CEO Invest Punjab-cum-Secretary Industries and Commerce R K Verma.

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