Punjab Govt Approves One-Time Settlement Policy for Industrialists
In a significant move to support local industrialists, the Aam Aadmi Party (AAP)-led Punjab government has introduced a one-time settlement (OTS) policy to help clear outstanding dues on industrial plots allotted before January 2020.
The policy, which offers relief worth ₹200 crore, aims to assist industrialists struggling with payments following an increase in land costs. The Punjab Council of Ministers, chaired by Chief Minister Bhagwant Mann, approved the initiative during a recent meeting. Industries Minister Tarunpreet Singh Sond and Rajya Sabha member Sanjeev Arora, the AAP candidate for Ludhiana West, shared the details after the Cabinet’s approval. Arora had earlier briefed the Chief Minister on the industrialists' concerns.
Key Benefits of the OTS Policy
According to Sond, the policy is set to benefit approximately 1,145 industrialists. The total pending dues for plots allotted by the Punjab State Industrial Export Corporation (PSIEC) amount to ₹330 crore. Under the new scheme, industrialists will only be required to pay simple interest at an 8% rate until December 2024, as the government has waived both compounding and penal interest.
Additionally, another OTS scheme has been introduced for parent allottees of over 2,500 industrial plots across various state focal points. Those who have not yet paid their principal amounts can now settle their dues under the same terms—paying only simple interest at 8%, while penal and compounding interest will be waived.
Rajya Sabha MP Arora emphasized that this issue had been unresolved for more than three decades, and the policy will particularly benefit industrialists in Ludhiana, Mohali, and Jalandhar.
AAP’s Broader Efforts in Punjab
This marks the third major initiative by the AAP government in recent weeks as the party works to strengthen its political standing following setbacks in Delhi’s recent elections.
In addition to the OTS policy, the Punjab government has intensified its campaign against drug-related crimes under the “War on Drugs” initiative. This includes demolishing properties owned by drug traffickers.
Furthermore, the administration has launched a crackdown on corruption, leading to the arrest of an IAS officer and the dismissal of 52 police officers on corruption charges.
By implementing these measures, the AAP government aims to support industrial growth, enhance governance, and reinforce its position in the state.
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