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PUNJAB GOVT SIGNS 50 MOUS AT RS 1200 CR INVESTMENT TO BOOST PLASTIC INDUSTRY

Giving a further fillip to its industrial development agenda, Punjab Government on Monday signed 50 MoUs, with a total investment of Rs 1200 crore, for the upcoming plastic clusters in the state, amid indications of reduction in fixed charges for power tariff to boost industrial development. Chief Minister Captain Amarinder Singh, in whose presence the MoUs were signed, said his government had already taken various initiatives to promote industry, including elimination of truck cartels and electricity at Rs 5/unit, and was now mulling 50% reduction in fixed charges of power for the industry. He also clarified that the Rs 5/unit industrial power tariff would be effective from November 1, 2017, as announced by his government, and there had been no change in the date for the implementation of the revised tariff. On the occasion, the Chief Minister also released a document titled “Investment Opportunities in the Plastic Sector”, outlining the government’s plans to promote investment in the plastic sector and the fiscal incentives for the MSME Plastic Processing Units.Captain Amarinder lauded the HMEL’s World Class Cracker & Petrochemical Complex at Bathinda, which he said would open up vast opportunities in the Plastic Processing, Plastic Machinery, Additives and related industries in the State of Punjab. HMEL, which has already invested Rs 32000 crore in the state, is planning a further investment of Rs 23000 crore, which will facilitate Punjab’s industrial development, said the Chief Minister, adding that the increase in availability of plastic raw materials (i.e PE and PP) shall offer immense opportunities for exponential growth of the plastic processing industry.


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