PHDCCI submits a report on 'Emerging Economic and Business Dynamics in Punjab' to the government.
Economic improvement in Punjab after Corona
Chandigarh 16-9-23 : PHD Chamber of Commerce and Industry, Punjab, while appreciating the Government-Sanatkar Meet program organized for the first time by the Punjab Government, has demanded inclusion of all departments in the industrial plan being prepared for the capital Chandigarh region, so that the industrialists can Problems arising under one roof can be solved with immediate effect.
A report ‘Emerging Economic and Business Dynamics in Punjab’ prepared by PHD Chamber of Commerce and Industry for the economic and industrial development of Punjab was submitted to the Punjab Government.
It was released by Punjab Chief Minister Bhagwant Mann, Delhi Chief Minister Arvind Kejriwal, Punjab Cabinet Minister Aman Arora, Anmol Gagan Mann and Rajya Sabha MPs.
Giving information about the report on this occasion, Chairman of PHD Chamber of Commerce and Industry Punjab Chapter, R.S. Sachdeva said that this is a great opportunity for industrialists to share their industrial vision. Sachdeva said, this will provide a conducive environment for the industry to flourish and make Punjab a leading industrial state in the country.
Punjab has shown rapid economic recovery in the post-pandemic period. Gross State Domestic Product at constant prices grows at 6 per cent in 2022-23. Apart from the share of the services sector in GSDP increasing from 44 per cent in 2011-12 to 46 per cent in 2022-23, the structural composition of Punjab's economy has remained broadly the same.
Sachdeva said that there is immense potential for great success in the industrial sector in Punjab. After a decline in industrial sector growth for a few years, it accelerated from 0.31 per cent growth in 2020-21 to 7 per cent in 2021-22.
He said that Punjab's industrial sector will grow at the rate of 4 percent in 2022-23.
The PHD Chamber proposed to the Punjab Government regarding the formation of Chandigarh Capital Region. The high-level committee headed by the Chief Secretary of Punjab comprising stakeholders from the surrounding four districts Mohali, Fatehgarh Sahib, Patiala and Ropar and the government. Officials from police, development agencies like Municipal Corporation, GMADA, PUDA, Fire, PWD and other concerned departments should be part of planning and developing this area for the next 10 years.
Sachdeva said that the Punjab Government did financial management very well in the post-GST compensation era and the PHD Chamber appreciates the Punjab Government for good financial management.
The report covers the macroeconomic environment of Punjab, development strategy, recent developments in the economic and business environment, areas of growth prospects, the position of Punjab's economy in comparison to other states. Chief Minister Bhagwant Mann, while appreciating the report released by PHDCCI, said that this report will prove to be very effective in the industrial policy being made by the Punjab Government.