Mohali (SAS Nagar) October 28 – In a twin bonanza for new investors, Punjab Deputy chief minister Sukhbir Singh Badal today announced waiver of input tax on the food processing industry and provision of power at the cheapest rate of Rs 4.99 per unit in the country besides welcoming the trust imposed on Punjab by the industry which signed 374 mous worth Rs 1.13 lakh crore in the second edition of Invest Punjab here.
Beside this, the Deputy CM during the course of a 35 minute power point presentation also announced that the government was all set to launch an integrated food park at Ludhiana, a Green Tech Valley at Phagwara and a MRO (Maintenance, repair and overhaul) facility adjoining the international airport at Mohali.
In his presentation, which was well received by prospective investors and corporate honchos, Mr Badal said Punjab was known as a producer of foodgrains but he felt that it should also be able to add value to its produce.
“Keeping this in view and with the intention of making Punjab a hub for agro processing industry, I decided to waive all input taxes of agro processing industry. He said this included VAT, CST and purchase tax. The announcement was received with a standing ovation by ITC Chairman Y C Daveshwar.
video: ABP sanjha