- विज्ञापन -
Ludhiana:
As the Punjab cabinet led by CM Bhagwant Singh Mann has given nod to One Time Settlement (OTS) scheme to provide a relief to the industrialists, various industry bodies from Ludhiana have welcomed the move and appreciated the state government for providing much-needed relief to the industry.
The Chamber of Industrial and Commercial Undertakings (CICU) expressed its heartfelt gratitude to CM Mann, Member Parliament Rajya Sabha Sanjeev Arora, Cabinet Ministers Tarunpreet Singh Sond and Hardeep Singh Mundian for their unwavering support.
Upkar Singh Ahuja, President, CICU stated that the approval of this Punjab Small Industries and Exports Corporation (PSIEC)’s OTS scheme is a momentous step forward for the industry, and it brings significant relief to many businesses. The scheme includes two major points that will have a positive impact on businesses across the region. “For the pending principal amount, no penalty or compounding interest will be charged. Instead, only a flat 8 percent simple interest will apply, easing the burden on industrialists and providing them with a clear path to settle their outstanding dues. The OTS scheme will remain valid until December 31, 2025, providing a window for businesses to take advantage of this significant opportunity,” he mentioned.
Ahuja said, “The approval of this scheme represents a significant step forward in supporting industrial growth and stability in the region.”
ATIU hails the move, suggest further reforms
Pankaj Sharma, President of the Association of Trade and Industrial Undertakings (ATIU), also hailed the decision while stating that it is a bold step taken by the government as the issue had been pending for the past two decades.
He credited Rajya Sabha MP Sh. Sanjeev Arora for his persistent efforts in getting the scheme approved.
However, Sharma also raised concerns about the basic rate of Rs 460 per square yard, stating that it should have been reconsidered as the initial allotment rate was under Rs 100. He suggested that if the principal amount had been calculated based on actual values, the applicable interest would have been significantly lower.
ATIU also called for further reforms, particularly the withdrawal of the cancellation policy for industrial plots. Sharma pointed out that PSIEC’s recent policy changes—such as fixing high circle rates and imposing a 50% transfer fee on sellers—had hampered property transactions and discouraged bank lending to industrial units.
FICO acknowledges government’s support
The Federation of Industrial and Commercial Organisation also lauded the decision by the government.
Vipan Mittal, Vice Chairman, FICO stated that this move will significantly enhance industrial growth, particularly in Focal Point Phase VIII.
While appreciating the move, Gurmeet Singh Kular, President, FICO also said that such initiative will give a boost to the industries in Punjab but he noted that the official notification with detailed guidelines is still awaited.
Gagnish Singh Khurana Head FICO Agriculture Implements Division added that this is a long – awaited relief for the industry.
