CM Bhagwant Mann recently visited Hyderabad and Chennai to meet various business delegations which will provide a push to industrial growth in Punjab. CM Bhagwant Mann also went to Germany a few months back where he met various companies’ chairmen to discuss setting up industries in Punjab. While on one hand Punjab government is trying its level best to provide an industrial push to state, big and major industries already set up in Punjab are on the verge of moving away from the state.
Renowned industrialist of Ludhiana, TR Mishra who is Chairman of Mishra Group of Companies revealed that he has decided to move his industry to Uttar Pradesh. While talking to True Scoop about why he preferred to set up industry in Uttar Pradesh and not in Punjab, the industrialist revealed various startling factors.
He first stated that Mishra Group of Companies will be setting up an all-type industry in Uttar Pradesh. The industries will include hosiery, woolen, automobile parts, construction manufacturing and cycle manufacturing parts. He said that he finds Uttar Pradesh to be more ideal state for him to set up an industry instead of Punjab.
TR Mishra said, “I find Uttar Pradesh a more appropriate state than Punjab because of various reasons. This state has given me numerous reasons to not set up my industries here.” He further added that in the year 2003, then CM of UP offered them a proposal to set up their industries in Uttar Pradesh. At that time, he declined the order saying that UP’s law and order was not in a good state. But now he feels that it’s the right time to set up his industry there.
While stating reasons why he has decided to move from Punjab to Uttar Pradesh after almost 25 years TR Mishra said, “talking about the top most reason other states government like Haryana, Himachal Pradesh and Uttarakhand provided various incentives and subsidies for 10 years to industrial units but Punjab government did not take any initiative like this.”
He impresses on the point that from 2017 no government has formed or implemented a proper industrial policy that can really develop the industrial sector of Punjab. Another reason given by him was, “the deteriorating law and order is a very important issue that should not be overlooked. Many businessmen are getting kidnapped or receiving threats. So, security is a very major concern for the shift.”
“Charges and taxes levied on industries in Punjab are higher compared to Uttar Pradesh. While the Punjab government seeks 9% SGST from industries, UP provided them with an exemption for the next 10 years. The cost of land in Punjab is also comparatively very high. It is almost 3 times more than UP.”
In the end, he stated that Punjab government does not offer any advantages, incentives or subsidies to industries so it gives them the motivation to set up more units in state and push its industrial growth.
Another factor revealed by him was that along with his industry, 57 more industries of Punjab are in thought of moving from Punjab. These industries include Hero, A1, big industries related to agricultural and automobile parts.