With major business houses pledging “huge” investments in Punjab, Deputy Chief Minister Sukhbir Singh Badal on Thursday said the corporates have shown “faith” and “trust” even after “15 days of noise” in the State that has been rocked by unrest in the recent times.
As the Progressive Punjab Investors’ Summit came to a close on Thursday, he said: “Overall look at the sentiment. Have you ever seen in the history of Punjab the galaxy of businessmen coming here? Have you seen the level of confidence (shown by them in) Punjab?”
Apparently referring to the recent protests and violence in Punjab over incidents of sacrilege, Mr. Badal said: “Despite 15 days of noise, the galaxy of leaders coming and showing the confidence clearly shows their trust and faith they have shown in Punjab. Captains of industry have shown confidence in Punjab.”
The two-day mega event was attended by several leading corporate leaders including Reliance Chairman Mukesh Ambani, ITC Chairman Y. C. Devershwar, Chairman Bajaj group Rahul Bajaj, Joint Managing Director Hero Motocorp Sunil Kant Munjal, Fortis Healthcare Executive Chairman Malwinder Mohan Singh, ICICI Bank MD Chanda Kochhar and Sun Pharma MD Dilip Shanghvi.
During the investors’ summit, the corporates pledged to launch proposals worth Rs 1.15 lakh crore for which a total of 378 MoUs were signed.
Among companies, ITC has announced to double its investment to Rs 1,400 crore while Hero Reality and DLF committed to pump in Rs 700 crore, and Rs 9,200 crore respectively in the State.
Companies like GVK, ICICI Bank, Fortis Healthcare, Adani, Kings College, Apollo hospitals, Trident, Nahar, Walmart would also put their money in the State.
“We have been able to expose Punjab to investors. The best part is that people from across the country and internationally came here and they shown their interest in the State,” Mr. Badal said, adding that the thrust of the state government was to attract quality investments rather than focusing on quantity.
Briefing about new investments, Mr. Badal said Videocon group is coming up with a set top box manufacturing facility while health care major Apollo will set up its facility at Amritsar.
Gitanjali Jewellery has proposed to set up a park in Amritsar.
Seeking to present itself as best investment destination, the Punjab government has announced a slew of incentives including cheap power at Rs. 4.99 per unit for five years and tax exemption on food processing inputs.
Asked which sector constituted most of the investment proposals among MoUs, the Deputy CM said that agro processing and housing had maximum share while health, medical sectors have also attracted investments.
He added that electrical manufacturing, IT and food processing sectors are coming up in a big way in the shape clusters. “Investors also showed in interest in aerospace and defence,” he said.
Punjab this month has seen strong protests by Sikh activists and radicals against the alleged sacrilege incidents taking place at several places in the State and death of two Sikhs in police firing and earlier the farmers agitation.
To maintain law and order, Punjab even sought the help of the Centre for deploying paramilitary forces at different places during the unrest. - PTI
