PR No – 458
15th September, 2023
PHDCCI recommendations on Transforming Punjab into a major Industrial and Export hub
Mr. R S Sachdeva, Chair, Punjab State Chapter, PHD Chamber of Commerce and Industry today welcomed CM Punjab’s decision to meet Industrialists from all the sectors. This is indeed a welcome move which will address the long pending demands of the Industry.
It is a wonderful opportunity for the industrialists to share their industrial perspective. It will provide congenial atmosphere for industry to flourish and make Punjab a front-running industrial state in the Country, said Mr. Sachdeva.
Punjab has shown rapid economic recovery in post-pandemic times. Gross State Domestic Product in constant prices grows at 6% in 2022-23.Compositional structure of Punjab economy has broadly remained similar except small rise in the share of service sector from 44% in 2011-12 to 46% in 2022-23 in GSDP of Punjab, said Mr. Sachdeva.
Punjab holds utmost potential for major breakthrough in industrial sector. After a decline in growth of industrial sector for few years, it re-bounced strongly from 0.31% growth in 2020-21 to 7% in 2021-22. In 2022-23, industrial sector of Punjab grew at 4%, said Mr. Sachdeva.
Reforms in agriculture sector with focused approach on agri-business and food processing, new industrial environment with special focus on MSMEs and expansion of financial, insurance, telecom and internet services in the rural areas would foster a strong and sustainable growth trajectory in Punjab, said Mr. Sachdeva
Punjab economy needs to enter high-growth trajectory and attain a double-digit growth for the overall economic and industrial development. These targets are achievable in light of strengths of the economy such as sizeable market, skilled and entrepreneurial human capital, diasporic social capital and industrial peace.
Recovery in the growth of industrial sector should be topmost priority of government to push the economy towards higher growth trajectory.
For making the industrial sector stronger and fuller realization of its potential, the focus of the Punjab government should be on development industrial focal points, building robust start eco-system through provision of various incentives, promoting MSME sector and making it more viable for the employment generation and developing districts as export-hubs for promotion of exports of local products, said Mr. Sachdeva
A report on Punjab Economy titled Emerging Economic and Business Dynamics in Punjab prepared by PHD Chamber covering Macroeconomic Environment in Punjab, Growth Strategy, Recent Developments in Economic and Business Environment, Growth-promising sectors, Positioning of Punjab Economy v/s other States: Major Socio, economic and educational Indexes, Growth Projections for the Punjab Economy is released by Sh. Bhagwant Singh Mann, Hon’ble Chief Minister of Punjab on the occasion.
Hon’ble CM Punjab applauded PHD Chamber and expressed sincere appreciation for the efforts put in place by the PHD Chamber in compiling the data and presenting the report.
PHD Chamber of Commerce and Industry