Trade and Commerce in Punjab

by

Trade and Commerce in Punjab

Punjab was the first Indian State to use agricultural technology to engineer a “Green Revolution”, recording the highest growth rate in food production. Today, with its rich agricultural resources and favourable climate, the state continues to be one of the largest producers of food grains and cash crops in the country. Punjab contributes 68 per cent to the annual food production of India. Punjab’s large agriculture base gives it a competitive advantage in industries such as food processing and textiles.

 

  • Punjab with 5.03 million hectares area and population of 24.3 million has a number of advantages of doing business. Agriculture has been the main stay of Punjab’s economy. Although it accounts for 1.5% of total land area of the Country, yet it accounts for 54% of the marketable surplus of wheat and 38% of the marketable surplus of rice in India.
  • Punjab ranks high in the country in the following areas:-
  • Infrastructure
  • Power
  • Road Network
  • Telecom Density
  • Attractive Consumer Market
  • Agriculture Production

 

Advantage of Doing Business in Punjab:

The main advantages of doing business in Punjab are:-

– Highest work force productivity. Only 1.2% of all man-days lost, despite having 5% of the total industrial work force.

– Excellent human resources and availability of manpower. There are 10 Universities / Deemed Universities. Besides, there are exclusive technical universities with 100 plus professional colleges. 10,000 technicians and 20,000 skilled craftsmen are trained every year in 55 polytechnics and 180 ITIs.

– All towns and villages are covered with telecom infrastructure. State has highest Optic Fibre Density of 25,000 Kms. which is 2.5 times the national average.

– Every village of the State is connected with metal roads – 61,530 Kms.

– Per capita bank deposits in the State are 1.8 times of the national average.

– Motor vehicle density in Punjab is 2.4 times of national average.

 

Introduction of Punjab Trade and Commerce:-

Regardless of the parcel (1947), Amritsar keeps on being the main focal point of exchange and business and keeps up its matchless quality in materials. It is the greatest assembling focus of material merchandise, unsettles and shawls, and workmanship silk industry. Certain assortments of material, as shaneel, are made just in Amritsar and Bombay.

Amritsar likewise appreciates a one of a kind position in the exchange of dry natural products, being the principle focus of imports from Afghanistan and Pakistan. As respects papar-warrian, it has right around a restraining infrastructure and the ‘Amritsari papar-warrian’ are outstanding all through the nation for their zesty flavor. Being the main business focus, Amritsar completely speaks to the farming plushness of the Punjab, and fares wheat, gram, paddy, cotton, maize, and so on. In spite of the fact that arranged on the Indo-Pak fringe, the region is very much associated by rail, street and air.

With these correspondence offices, it is conceivable to bear on exchange and trade with no trouble with far-flung puts inside the nation and furthermore with those past its boondocks. It has an immediate business clear from Kabul to Bombay. Amritsar is prominent for the exchange of dry foods grown from the ground which are transported in from Afghanistan and Iran.

The essential things of import in the area are

  • dry natural products,
  • millets,
  • cardamom
  • grapes,
  • karyana items,
  • saugi,
  • almond,
  • pista (pistachio) etc.

The principle things traded from the locale incorporate material merchandise,

  • nuts,
  • fasteners,
  • nails,
  • cotton,
  • paddy,
  • screws,
  • apparatus,
  • woolen products,
  • papar-warrian,
  • wheat,
  • gram,
  • maize,
  • toria, etc.

 

Punjab Board of Investment and Trade

Punjab Board of Investment and Trade (PBIT) was set up in 2009 by Salmaan Taseer, the legislative leader of Punjab.The first administrator was the central priest of Punjab, Shehbaz Sharif.The first bad habit executive and CEO was Haroon Khawaja.PBIT is a legislature claimed organization which is run and oversaw by a Board of Directors (BOD) made out of individuals from the administration and the private area.

The parts under concentration for exchange and venture at PBIT as of now include:

  1. Agribusiness alongside Livestock and Dairy,
  2. Vitality,
  3. Framework and
  4. Assembling

 

New industrial policy of Punjab

However, in view of the fast changing global economic scenario, the state government decided to frame a new well directed Industrial Policy to push the State’s economy. It was, decided to utilise the experience and expertise of UNIDO to suggest measures for attracting new investments and revival / growth of existing Industry. This initiative of State Government was also supported by the Department of Industrial Policy & Promotion of Government of India by providing financial assistance to UNIDO for this assignment.

The MSME area has been sitting tight for such a declaration since long, with the administration at long last implying towards new strategies for the segment, it is a decent sign among the business visionaries.

Posting the issues that encompass the MSME segment, Jindal said the cost of energy in the state is high when contrasted with the neighboring states, the industry is expecting amended power sponsorships.

Additionally there is shortage of proper assets for upgradation of the MSME units, Jindal educated that the business affiliations have asked the state government to work together under the plans of focal government to channelize the procedure.

Lamenting about the defilement at the distinctive layers, Jindal said that there is a predominant culture of controller raj in the area. While GST disposes of it in the domain of tax collection, still to obtain straightforward licenses the enterprises are irritated.

While the area is excited for the new approach, it needs the administration to concoct constrained however achievable measures.

Final Destination for Punjab PSC Notes and Tests, Exclusive coverage of PPSC Prelims and Mains Syllabus, Dedicated Staff and guidence for Punjab PSC PPSC  Notes brings Prelims and Mains programs for PPSC  Prelims and PPSC  Mains Exam preparation. Various Programs initiated by PPSC  Notes are as follows:- For any doubt, Just leave us a Chat or Fill us a querry––