Chandigarh (Punjab) [India], Oct 18 (ANI): In a bid to boost industrial development in Punjab, the state government has decided to amend the Industrial and Business Development Policy 2017 to give investment incentive by way of Net State Goods And Services Tax (SGST) on intrastate sale, and has also given its nod to global tendering for the upcoming hi-tech Cycle Valley on a 100-acre industrial park in Ludhiana.Also Read - Highlights India vs New Zealand 3rd T20I Match : IND Win By 73 Runs, NZ Whitewashed 3-0

The decisions were taken at a meeting of the Cabinet, chaired by Chief Minister Captain Amarinder Singh. Also Read - Highlights | India vs New Zealand 2nd T20I Match: IND Beat NZ By 7 Wickets, Clinch T20I Series

The Cabinet noted that since the government could not give direct concessions to industry in matters of land acquisition, other incentives should be provided through an amendment to the policy so that both the state and the industry get the best deal through measures such as global tendering. Also Read - Highlights IND vs NZ 1st T20I Match: Suryakumar Yadav's Fifty & Rishabh Pant's Gutsy Knock Guide India Home

The Cabinet observed that for effective implementation of the policy there was a need to explicitly define and explain the term `Net SGST Incentive’. A series of meetings/consultations were held amongst departments of Excise and Taxation, Finance, Industries and Commerce and Investment Promotion. After deliberations, a detailed formula for different eventualities was finalised in the meeting under the chairmanship of the Finance Minister.

The incentive under the present policy would only be applicable for such investment proposals where Common Application Form has been submitted by March 31, 2020.

The spokesperson said that this formula would be subject to various conditions. In the case of a unit with multiple outputs having more than one GST rate, the incentive amount shall be calculated pro rata to the respective sales (value as defined in GST law) of eligible outputs.

With respect to the cycle valley to be developed in Dhananshu village of Ludhiana district, as per an earlier decision of the state government, the Cabinet decided that the 100 acres of undeveloped land would be allotted through an objective, open, competitive and technical bidding process to a well-established company of international repute.

The state government has drawn up objective evaluation criteria to ensure fair and transparent selection of the big anchor unit and also to provide equal opportunity to the prospective bidders that would bind the successful bidder to comply with their commitments projected in their proposal, according to the official spokesperson.

The selected project company would be responsible for the development of the entire industrial park in the allotted land. It would develop its own Anchor Unit in 50 acres and in the remaining 50 acres the Company would invite major national and international manufacturers as ancillary and/or vendor units.

A plan has been chalked out for implementing the project of Cycle Valley and the layout plan of the project has already been finalised and approved by the competent plan approval committee. Historically, industrial growth of Ludhiana city relies on Cycle and small-scale manufacturing industry, and the idea behind the creation of the envisaged Industrial Park is to create an eco-system for hi-tech bi-cycles and engineering products, which will boost the Ludhiana cycle industry.

Giving details of infrastructure to be created for the industrial park, the spokesperson said that to further facilitate industry in Ludhiana, the state government would construct an 8.8-kilometre road linking Hi-Tech Cycle Valley to the Chandigarh-Ludhiana highway. (ANI)

This is published unedited from the ANI feed.