PHDCCI submits report on 'Emerging Economic and Business Dynamics in Punjab' to the government
Infrastructure should be strengthened in industrial areas of Punjab
Amritsar. Appreciating the Government -sanatkar Meet program recently organized for the first time by the Punjab Government, the industrialists of PHD Chamber of Commerce and Industry Punjab have raised the demand for speedy implementation of “One District One Product” Scheme in the state. This will give new recognition to the special industries of each district at the global level.
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 handed over to the Punjab Government Ministers coming to the PITEX. Releasing this report to the media, PHD Chamber of Commerce and Industry Punjab Chapter Chairman 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 percent in 2022-23. Apart from the share of services sector in GSDP increasing from 44 percent in 2011-12 to 46 percent 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 percent growth in 2020-21 to 7 percent in 2021-22. He said that Punjab's industrial sector will grow at the rate of 4 percent in 2022-23.
PHD Chamber has proposed to the Punjab Government regarding the formation of Chandigarh Capital Region, saying that a high-level committee under the chairmanship of the Chief Secretary of Punjab and including 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 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.
Industrialists demand that the incentives provided through various means should be increased and the infrastructure in the industrial areas of the state should be strengthened. So that industrialists can be helped in delivering their products from one place to another. On this occasion, regional director of PHD Chamber of Commerce and Industry Bharti Sood, regional coordinator Jaideep Singh and many dignitaries were present.