India has become a market that you can’t ignore: Global experts
India has become a market that you can’t ignore, pushed on by government reforms and a booming tech industry, top industry experts have said.
Punjab Chief Minister Bhagwant Mann on Monday said that in merely 11 months of assuming charge of office the state government has so far firmed up investment worth Rs 38175 crore which will generate 2.43 lakh jobs in the state.
“This is just a pre-monsoon shower and a regular shower of monsoon will be witnessed soon in the state during the Invest Punjab Summit being held on February 23-24 at Mohali”, said the CM during an interaction with reporters at the Punjab Bhawan.
The CM said that he had gone to Chennai, Hyderabad, Mumbai and Germany to invite the industrialists to the summit. He said the industrial honchos in these metros were surprised to note the vast potential of industrial growth in the state. Mann said that thanks to strenuous efforts of the state government these industrialists are now ready to invest in Punjab.
The CM said till now investment worth Rs 38175 crore has been firmed up in the state which will generate 2.43 lakh jobs in the state for the youth. Divulging details, he said in real estate, housing and infrastructure the proposed investment is Rs 11853 crore, which will generate 1.22 lakh jobs.
Mann said that manufacturing sector has attracted investment worth Rs 5981 Crore and created 39952 jobs, Alloy steel and steel sector has attracted investment of Rs 3889 crore which will provide 9257 jobs, textiles, technical textile, apparels and made-up sector has firmed up investment worth Rs 3305 crore and will create 13753 jobs, agri, food processing and beverages sector has attracted investment worth Rs 2854 crore and will provide 16638 jobs and healthcare has firmed up investment worth Rs 2157 crore and will provide 4510 jobs.
The CM said that Tata Steel is investing Rs 2600 crore in secondary steel sector at Ludhiana, Sanathan Polycot is investing Rs 1600 Crore in Man-Made Fiber sector at Fatehgarh Sahib, Nabha Power is investing Rs 641 Crore in Power sector at Patiala, Toppan (Japan) is investing Rs 548 Crore in packaging sector at SBS Nagar, Nestle (Switzerland) is investing Rs 423 Crore in food processing sector at Moga, Vardhman Special Steels (Aichi Steel, Japan) is investing Rs 342 Crore in hybrid steel sector at Ludhiana.
He said that Freudenberg (Vibracoustics, Germany) is investing Rs 338 crore in auto and auto components sector at Rupnagar, Bebo Technologies is investing Rs 300 crore in IT sector at SAS Nagar, HUL (UK) is investing Rs 281 crore at Patiala and Cargill India (USA) is investing Rs 160 crore in Animal Feed at Fatehgarh Sahib.
Mann said this is just a curtain raiser and more investment will be firmed up during the Invest Punjab Summit slated to be held on 23 February and 24 February. He said the objective of the Summit is to attract potential investment and business opportunities, build relationships, and engage with startups on new ideas and solutions. Bhagwant Mann said that the summit will have participation from global and regional investors, corporate organizations, industrialists, thought leaders and others.
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The Chief Minister said that during the Summit, Punjab will showcase its overall vision for growth and opportunities for investment for industry. He said that the theme of the Summit is ‘Invest in the Best’ – to showcase Punjab as the most preferred investment destination in India.
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