The Punjab Government unveiled its new industrial policy with cabinet approval to facilitate investment in the state.

The new industrial policy focused on incentives, simplifying procedures and facilitation. The state government has facilitated investment in the state by offering maximum incentives.

In the policy, the state government ensures surplus power, besides 24-hour power to the IT industry, infrastructure, regulation-free regime and self-attested proposals without any site verification.

However, the state was divided into two zones for industry, with incentives including VAT and CST for each zone. The VAT and CST exemptions range from 25 per cent to 80 per cent. These units would also have 100 per cent exemption in electricity duty, stamp duty and property tax.

Meanwhile, certain categories of industries will get further incentives and tax exemptions besides the above.

As part of the policy, the Punjab Government plans to invest in sectors like biosciences, consumer electronics, micro biotech, export promotion units, agro based units, and textile sector.