Chandigarh
Punjab cupboard nod to OTS schemes for industrialists
The Punjab cupboard on Monday authorized two one-time settlement schemes for industrialists to waive compounding and penal pursuits in order that they might clear their long-pending dues for industrial plots in focal factors.
The choice on this regard was taken within the cupboard assembly chaired by chief minister Bhagwant Mann.
A spokesperson of the chief minister’s workplace stated the OTS schemes will facilitate industrialists to settle industrial disputes associated to enhanced land prices and delayed principal funds thereby guaranteeing that long-standing grievances of industrialists are resolved in a good and clear method.
A complete of 1,145 industrialists throughout Punjab will profit from this scheme, permitting them to clear their dues and reinvest of their companies, resulting in financial progress and job creation, stated the spokesperson.
These industrialists collectively make use of 1000’s of individuals, and the monetary reduction supplied by the OTS scheme will additional stabilise companies, forestall closures and result in new employment alternatives.
Earlier, addressing the media after the cupboard assembly right here, Industries Minister Tarunpreet Singh Sond stated the AAP authorities was dedicated in direction of the promotion of the business.
He stated that the cupboard authorized the proposal to deliver two OTS schemes for industrialists.
There are 52 focal factors, unfold over 8,000 acres of land and 14,000 industrial plots within the state, he added.
Giving particulars in regards to the first OTS scheme, the minister stated the plot holders, who didn’t pay their land enhancement costs, wouldn’t must pay penal and compounding pursuits on their dues.
They’ll now pay easy curiosity on the price of 8 per cent to clear their dues underneath the OTS, stated the minister, including that the compounding and penal pursuits can be waived.
In regards to the second OTS scheme, he stated these industrialists, who had been allotted industrial plots however couldn’t pay their principal quantity due to any purpose, can now pay their costs with 8% easy curiosity.
They don’t must pay compounding and penal pursuits, he added.
The minister stated these two one-time settlement schemes will proceed until December 31, 2025, urging industrialists to avail the advantages of this scheme.
The scheme will apply to defaulter plot holders whose authentic allotment was issued on or earlier than January 1, 2020, guaranteeing that long-pending circumstances are addressed successfully.
Industrial plots, sheds and residential plots in Industrial Focal Factors developed by Punjab State Industries Export Company (PSIEC) throughout Punjab might be lined underneath this scheme, making it a broad-based initiative for industrial revival, stated the spokesperson.
As per the scheme, the federal government will present a big monetary reduction measure by permitting defaulters to clear dues with a nominal easy rate of interest of 8 per cent together with a 100% waiver of penal curiosity.
Even plot holders whose allotments had been cancelled will now have an opportunity to get them again by paying their dues, giving companies a second probability to restart and develop.
The income collected by this scheme might be reinvested into industrial infrastructure, together with enhancing focal factors and creating new industrial parks, boosting Punjab’s industrial panorama, stated the spokesperson.
A particular digital assist desk might be arrange by PSIEC to help business promoters in availing of the scheme, guaranteeing a clean and hassle-free course of for candidates.
Rajya Sabha MP Sanjeev Arora, who was additionally current, thanked AAP nationwide convener Arvind Kejriwal and Punjab Chief Minister Bhagwant Mann for bringing two OTS schemes for industrialists.
He stated that it was the main demand of industrialists and stated it could profit small and medium enterprises essentially the most.
Arora stated, “Industry representatives have calculated that they will save ₹2,160 per square yard due to this initiative. This benefit will directly strengthen their financial position and improve their balance sheets”.Trade our bodies CII Punjab and PHD Chamber of Commerce and Trade welcomed the Punjab authorities’s transfer to announce the OTS scheme.
CII Punjab chairman Amit Jain stated the Punjab authorities’s initiative will undoubtedly assist industries proceed their operations uninterrupted, and by clearing previous dues, it would enable companies to concentrate on growth and innovation.
In the meantime, the cupboard additionally gave a nod to the coverage to permit the give up of the format plan of an industrial park undertaking, supplied that the promoter deposits the excellent dues of statutory costs as levied by the competent authority on the time of approval.
The choice has been taken as a result of non-availability of a coverage relating to the give up of the format of initiatives developed underneath the Industrial Park Coverage.
The cupboard additionally gave its consent to amend Clause 5(1) of the Punjab State Public Service Fee (Situation of Service) Regulation Act for the appointment of the chairman and members of the fee.