Zero Tax To Fetch Punjab Rs 8,000 Crore In Food Processing Sector

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MOHALI – The “zero tax” announcement on new food processing units by Deputy Chief Minister Sukhbir Badal managed to bring in Rs 8,000 crore investment for the state on the first day of the summit here.

The state government announced that a total of 55 investors from across the country and abroad had signed memorandums of understanding (MoUs) with them for investments to the tune of Rs 8,000 crore. The MoUs were signed in the presence of Union Food Processing Minister Harsimrat Kaur Badal.

The minister said the investment would help boost the economy in the state, which already contributed more than 40 per cent of the central procurement of wheat, 26 per cent of the central procurement of rice, 75 per cent of the total production of kinnows and oranges and 7.5 per cent of the total milk production in the country.

Harsimrat said the new investments in the sector would also help in creating a large number of jobs.

“The zero tax move for new food processing units is definitely a big step, which will attract more investments in the near future,” said an industrialist.

Earlier, the first day of the summit witnessed eight technical sessions. The technical session on manufacturing focused on reducing the cost of manufacturing, pooling research and development costs, besides exploiting the emerging e-commerce platform for global marketing.

The delegates did a brainstorming on building a robust value chain for new-age manufacturing – Industrial clusters with services for high-end design, prototyping, 3D printing.

In technical session on health and medical care, the delegates stressed the need to exploit the potential with the opening of the India-Pakistan border on the Attari side.