Punjab Cabinet Revamps Conversion Policy: Boost for Industrial Transformation
The Punjab Cabinet approved amendments to the state's conversion policy, facilitating industrial plot conversions into various uses. This move addresses industrialists' concerns, aims to streamline estate management, and enhance business ease. Additional policies target micro and small enterprise operations and restructure state financial directorates for efficiency.
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- India
The Punjab Cabinet has given the green light to amendments in the conversion policy, offering opportunities for industrial plots to transform into hospitals, hotels, or industrial parks. The decision, led by Chief Minister Bhagwant Mann, seeks to address previous policy concerns in a bid for smoother industrial operations.
The updated policy involves a 12.5% conversion charge and includes provisions for converting leasehold plots to freehold status. These changes aim to improve industrial estate management and generate state revenue. Additionally, alterations to the MSE Facilitation Council Rules under the MSME Development Act were also approved.
Further reforms include amending service rules in the Punjab Water Resources Department and merging several financial directorates. These measures intend to optimize administrative efficiency and reduce state expenses, potentially saving Rs 2.64 crore annually.
(With inputs from agencies.)
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