MOVE TO BENEFIT 1145 INDUSTRIALISTS ACROSS PUNJAB
INDUSTRIALISTS CAN AVAIL THIS SCHEME BY DECEMBER 31, 2025
Chandigarh, March 3-
In a major reprieve to the industrialists of the state, Punjab Cabinet led by Chief Minister Bhagwant Singh Mann on Monday gave nod to introduce a historic One Time Settlement (OTS) scheme to resolve more than four decades old pending cases to provide long-awaited relief to industrialists.
A decision to this effect was taken in a meeting of the Council of Ministers held under the chairmanship of the Chief Minister here at his official residence today.
Disclosing this here today a spokesperson of the Chief Minister’s Office said that this OTS scheme will facilitate the industrialists to settle industrial disputes related to enhanced land costs and delayed principal payments thereby ensuring that long-standing grievances of industrialists are resolved in a fair and transparent manner. Approximately 1145 industrialists across Punjab will benefit from this scheme, allowing them to clear their dues and reinvest in their businesses, leading to economic growth and job creation. These industrialists collectively employ thousands of people, and the financial relief provided by the OTS scheme will further stabilize businesses, prevent closures and lead to new employment opportunities.
The scheme will apply to defaulter plot holders whose original allotment was issued on or before January 1, 2020, ensuring that long-pending cases are addressed effectively. Industrial plots, sheds and residential plots in Industrial Focal Points developed by Punjab State Industries Export Corporation (PSIEC) across Punjab will be covered under this scheme, making it a broad-based initiative for industrial revival. As per the scheme, the government will provide a significant financial relief measure by allowing defaulters to clear dues with a nominal simple interest rate of 8%, along with a 100% waiver of penal interest.
Even plot holders whose allotments were cancelled will now have a chance to get them back by paying their dues, giving businesses a second chance to restart and grow. The scheme will enable industries to free themselves from large financial burdens and legal complexities, unlocking their potential for expansion and modernization. The revenue collected through this scheme will be reinvested into industrial infrastructure, including improving focal points and developing new industrial parks, boosting Punjab’s industrial landscape.
A special virtual help desk will be set up by PSIEC to assist industry promoters in availing of the scheme, ensuring a smooth and hassle-free process for applicants. This initiative will enhance Punjab’s reputation as an industry-friendly state, attract new investments, and create an environment conducive to business growth. The last date to avail of this scheme is December 31, 2025, providing ample time for defaulters to come forward and clear their outstanding dues. This move is expected to spur industrial growth, strengthen Punjab’s economy, and reaffirm the government’s commitment to supporting businesses and job creation in the state.
Gives nod to policy to allow the surrender of layout plan of industrial park project
The Cabinet also gave nod to policy to allow the surrender of layout plan of industrial park project, provided that the Promoter deposits the outstanding dues of statutory charges as levied by the Competent Authority at the time of approval. The decision has been taken due to non-availability of policy regarding surrender of layout of projects developed under the Industrial Park Policy dated 19-06-2019.
Accords approval to amend PPSC (Condition of Service) Regulation Act
The Cabinet also gave its consent to amend Clause 5(1) of the Punjab State Public Service Commission (Condition of Service) Regulation act for appointment of the chairman and members in the commission.
