NEW GLOBAL INDIAN
Progressive Punjab - An investment destination of India
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OIFC supports Punjab, one of OIFC's Partner States through its State Page (refer to picture), to project and promote investment opportunities in India to overseas Indians in key focus sectors. OIFC has tied up with its State Partners for smooth facilitation and providing these updated state-specific best investment opportunities to our overseas Indian investors. OIFC aptly showcases its Partner States resources, keeping pace with the Nation's development and progress.
The advantages that theses States enjoy are specific and help them in developing their focus in key sectors accordingly. For example, Punjab has emerged as a key hub for textile based industries including yarn, readymade garments and hosiery besides other specialties specific to each state. OIFC will help Indian Diaspora / Overseas Indian investors, to avail the benefits of investing in state-specific opportunities in specific sectors. Punjab, the richest state in India that throbs with the vibrant culture, has always moved on the path of prosperity.
The state known as the "Food basket and Granary of India", has been awarded National Productivity Award for agriculture extension services for consecutively ten years from 1991-92 to 1998-99 and 2001 to 2003-04. Punjab is really on its way to rapid industrialisation through coordinated development of small, medium and large scale industries. It has been declared as one of the best states in India in terms of rail, road and transport network as per National Council of Applied Economic Research (NCAER), 2007.
Ludhiana, a district in the state of Punjab, has been adjudged as the best place for doing business in India as per the World Bank Study, 2009. With the up-gradation of Amritsar International Airport and another International Airport coming up in Mohali, Punjab is geared to be one of the finest and easily accessible tourist as well as business destinations in South Asia.
- Human Development Index (2001): 0.537 (Rank 2nd among 15 major states)
- Strong Industrial Base:
- 1,60,640 Small Scale Units
- 400 Large & Medium Scale Units
- Total investment in industry (2008-09): Rs. 47,250 crores
- India Today's 'State of the States Survey' has ranked Punjab as the Best State for 4 consecutive years( 2007-2010), in the following indices:
- Infrastructure
- Consumer Markets
- Agriculture
- Attained top rank on the 'Infrastructure Development Index', as per CMIE report, 2001
- Punjab is projected to become a power surplus state by 2013
- Classified as 'The Mall Capital of India'
- One of the leading states in providing best infrastructure and facilities to primary and upper primary schools based on EDI for the year 2009 by National University of Educational Planning and Administration (NUEPA)
- One of the strong education network amongst the States with 13 universities
- One of the 1st states in India to set up a technical university
Special facilities for NRIs/PIOs
The Punjab Government being aware of the immense contribution of the Punjabi NRIs to the socio-economic development of Punjab, has set up a separate Ministry for NRI Affairs in March, 2007.
State Policies & Incentives of the State
Tax incentives & exemptions for NRIs
The Punjab Government intends to receive larger investments by NRIs. Government of India wants to give reliefs as well as concessional tax rate along with simplifying tax regime for people who are investors in the state. These NRIs are also given special status under the law of Income Tax. Apart from the general provision which deals with computing long term gains and then the tax liability that is seen in section 48 and section 112,Chapter XII-A. This contains special provisions that relates to the incomes from non-resident Indians. Also, section 115AC also provides provision for tax on income from shares or bonds which is purchased through foreign currency.
Investment subsidies for NRIs
New Industrial Policy 1996 has given special thrust to the development of Agro-based industry and to build conducive industrial climate to attract fresh investments and also facilitate the growth and expansion of existing industry. Some of the incentives provided under this policy especially to NRIs include:
- Setting up of an exclusive focal point in Mohali for NRI entrepreneurs.
- Reservation of industrial plots for allotment in all focal points and industrial estates in the state for NRIs.
- Preference to NRI entrepreneurs by State Industrial Development and other promotional corporations, while finalising proposals for joint ventures/assisted sector projects.
- A special cell in the Directorate of Industries, "Udyog Sahayak", to provide "single window" facility and to ensure time-bound clearance to all investment proposals received from NRIs.
Incentives for FDIs
Punjab has received Rs 5,000 crore of foreign direct investment (FDI) in the last four years in several sectors, according to Mr Manoranjan Kalia, Punjab Industry and Commerce Minister.Some of the potential sectors were NRIs can invest into the state include that real estate, education, services and IT.
Business Opportunity
Single window To help entrepreneurs obtain speedy clearances for setting up industry in Punjab, the Government has set up a special cell called Udyog Sahayak (industry facilitator). All knowledge driven industries such as IT, electronics and biotechnology have a separate "single window" service mechanism under Punjab Information and Communication Technology Corporation Ltd
Overseas Indian Facilitation Centre (OIFC), a not for profit public private initiative of Ministry of Overseas Indian Affairs (MOIA) and Confederation of Indian Industry (CII), was established in 2007 with a mandate of:
- Promoting Overseas Indian investments into India and facilitate business partnerships,
- Establishing and maintaining a diaspora Knowledge Network,
- Function as a clearing house for all investment related information,
- Assisting States in India to project investment opportunities to Overseas Indians; and,
- To provide a host of advisory services to PIO's and NRI's.
For further details log on to www.oifc.in
or contact :
Overseas Indian Facilitation Centre
C/o Confederation of Indian Industry
249-F, Sector 18, Udyog Vihar, Phase IV
Gurgaon – 122015, Haryana, India
Tel: +91-124-4014055
Fax: +91-124-4309446
Email: oifc@cii.in
