Punjab firms up investment proposals of Rs 38,175 crore : Bhagwant Mann

Chandigarh : Punjab Chief Minister Bhagwant Mann on Monday said in 11 months after assuming charge, his government has so far firmed up investment of Rs 38,175 crore which will generate 2.43 lakh jobs in the state.

“This is just a pre-monsoon shower and a regular shower of monsoon will be witnessed soon in the state during the Invest Punjab summit being held on February 23-24 at Mohali,” he said in an interaction with the media here.

The Chief Minister said he had gone to Chennai, Hyderabad, Mumbai, as well as Germany, to invite industrialists to the summit. He said industrial honchos in these metros were surprised to note the vast potential of industrial growth in the state.

Due to strenuous efforts of the state government, these industrialists are now ready to invest in Punjab, he added. Divulging more details, he said that in real estate, housing and infrastructure, the proposed investment is Rs 11,853 crore which will generate 1.22 lakh jobs.

Likewise, Mann said the manufacturing sector has attracted investment worth Rs 5,981 crore and 39,952 jobs, alloy steel and steel sector has attracted investment of Rs 3,889 crore which will provide 9,257 jobs, textiles, technical textiles, apparel and make-up sector has firmed up investment worth Rs 3,305 crore and will create 13,753 jobs, and agri, food processing and beverages sector has attracted investment worth Rs 2,854 crore.

The Chief Minister further said that Tata Steel is investing Rs 2,600 crore in secondary steel sector at Ludhiana, Sanathan Polycot is investing Rs 1,600 crore in man-made fibre sector at Fatehgarh Sahib, Nabha Power (L&T) is investing Rs 641 crore in the power sector at Patiala, Toppan (Japan) is investing Rs 548 crore in packaging sector at SBS Nagar, Nestle (Switzerland) is investing Rs 423 crore in food processing sector at Moga, Vardhman Special Steels (Aichi Steel, Japan) is investing Rs 342 crore in hybrid steel sector at Ludhiana, Freudenberg (Vibracoustics, Germany) is investing Rs 338 crore in auto and auto components sector at Rupnagar, Bebo Technologies is investing Rs 300 crore in IT sector at SAS Nagar, HUL (UK) is investing Rs 281 crore at Patiala, and Cargill India (US) is investing Rs 160 crore in animal feed at Fatehgarh Sahib.

Mann said that investment worth Rs 9,794 crore has been firmed up in SAS Nagar which will offer job to 68,061 youths, investment worth Rs 9,319 crore in Ludhiana which will offer job to 33,172 youths, investment worth Rs 4,246 crore in Fatehgarh Sahib which will offer job to 13,840 youths, investment worth Rs 4,079 crore in Amritsar which will offer job to 85,419 youths, investment worth Rs 2,821 crore in Patiala which will offer job to 9,927 youths, and investment worth Rs 1,200 crore in Rupnagar which will offer job to 3,172 youths.

The Chief Minister said this is just a curtain raiser and more investment will be firmed up during the Invest Punjab Summit slated to be held on February 23-24. He said the objective of the summit is to attract potential investment and business opportunities, build relationships, and engage with startups on new ideas and solutions.

Mann said that the summit will have participation from global and regional investors, corporate organisations, industrialists, thought leaders and others. The Chief Minister said that during the summit, Punjab will showcase its overall vision for growth and opportunities for investment for industry.

He said the theme of the Summit is ‘Invest in the Best’ – to showcase Punjab as the most preferred investment destination in India. Mann said that there will be a total of nine sessions organized across key areas including agri-food processing, textiles, healthcare, education, tourism, IT and startups, exports, a Japan country session and the UK country session.

Replying to a query, the Chief Minister said no industrial unit from the state is migrating to Uttar Pradesh or other. He said the industrial units are getting the best facilities here only due to which no one will ever migrate from the state.