The two-day long Progressive Punjab Investors Summit-2019 reached its conclusion on Friday, with a bright future for the state’s industrial sector. The state government announced that it would take several steps to strengthen and empower entrepreneurship, especially for micro, small and medium enterprises (MSMEs).
Among the key takeaways from the summit was Chief Minister Captain Amarinder Singh’s announcement that a Rs 100-crore startup fund would be established to promote innovative enterprises. In addition to that, he also constituted a working group chaired by the Chief Secretary, that would ensure quick execution and delivery of all proposals presented at the summit. A report detailing the same is also to be submitted by the working group, within a month.
Investors were also promised that the state government would introduce a number of industry-friendly policies, which would help enhance the business capabilities of Punjab’s MSMEs. In light of the many challenges that MSMEs face in gaining access to the market, the Chief Minister also announced the formation of a dedicated MSME marketing cell.
The Rs 100-crore startup fund would be utilised to further enhance the MSME sector and revitalise the entrepreneurial culture in Punjab. The fund will be created by the state government in partnership with IKG Punjab Technical University, to promote startup incubators. Furthermore, Venture Capitalists and Angel Networks, such as the Indian Angel Network and Bharat Fund, are also expected to contribute to this fund.
Addressing industry concerns about resistance from regulatory bodies for environment and pollution, the Chief Minister announced “Auto Consent to the Green Category Industry on Intimation”. This will allow the state government to eliminate the need for inspection by any regulatory body, with approvals being provided on the same day of the intimation. As a result, this will promote budding entrepreneurs to set up new initiatives and businesses in the state.