Punjab attracted investment worth Rs 44,000 crore in last five years
Punjab has been able to attract more than Rs 44,000 crores industrial investment proposals in the last five years despite consequences of economic slow down, says a Paper “Progressive Punjab : Opportunities Unlimited".
The Paper prepared by the PHD Chamber of Commerce and Industry, will be released by government of Punjab on 18th of February during Agriculture Summit 2014 being held at Mohali. It also points out that the state was able to reduce its fiscal deficit to 3% in fiscal 2014 against 3.2% in fiscal 2013due to its proactive policies.
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Releasing its key-findings, President, PHD Chamber, Sharad Jaipuria said that the investment proposals submitted to the State, mainly comprised in sector such as leather and sports goods, meat processing, textiles, electronics and telecommunications, information technology, infrastructure modernization, automobiles, farm machinery, engineering industries, chemical industries and export oriented units.
A few of them are intended to advance industries like processing of fruits and vegetables, crop and agro industrial residue (wheat/paddy straw, paddy husk), poultry and animal husbandry, dairy and milk processing.
On the issue of industrialization of the state in 2011-12, the paper points out that there were 1,70,000 small scale industrial units with an investment of Rs.9,000 crore that generated employment for about 10 lakh people with a turnover of Rs.60,000 crore.
During the year 2012-13, it is estimated that this number increased to 1,72,000, with a fixed investment of Rs.9,400 crore, and employment level touching at around 11 lakh persons with a production value of Rs.64,000.
The per capita income of Punjab stood at Rs.74,606 (FY2012), which is around 23% higher than the national average of Rs.60,603. As per the latest comparable detail in FY2012, Punjab is ranked at the 11th in terms of per capita income among all the Indian states.
Gross fiscal deficit of the state as a percentage of GSDP has decreased to 3% in FY2014 as compared to the 3.2% in FY2013. Primary deficit as percentage of GSDP has also decreased to 0.5% from 0.8% during the same period.
The revenue deficit has shown a decrease from 1.6% in FY2013 to 0.6% in FY2014. Primary revenue balance has increased from 0.8% in FY2013 to 1.9% in FY2014.
The unemployment rate of Punjab stands at 1.8%, which is significant lower as compared to national average of 3.8%. The number of job seekers (both educated and un-ducated) on the live registers of Employment Exchanges during10 2011 was 3.62 lac out of which 2.53 lac were educated. Out of the educated job seekers, 1.95 lac (77.23%) were non- technical whereas 0.58 lac (22.77%) had technical qualifications.
The state has made serious efforts to enhance the employability of the youth by imparting job specific vocational skills. Punjab government is providing unemployment allowance to educated unemployed persons who are not adjusted in any gainful employment.