Punjab's New Relief for Industrialists: Cabinet Approves Settlement Schemes

The Punjab Cabinet has approved two one-time settlement schemes to waive penal and compounding interests on industrial plots, encouraging industrialists to settle longstanding dues. The schemes, led by Chief Minister Bhagwant Mann, aim to support industry growth by reducing financial burdens on businesses in the state.

The Punjab Cabinet has introduced two one-time settlement schemes designed to alleviate the financial pressures on industrialists by waiving compounding and penal interests. The measures were ratified during a meeting chaired by Chief Minister Bhagwant Mann.

Industries Minister Tarunpreet Singh Sond stated these schemes reflect the AAP government's dedication to fostering industrial growth. The OTS schemes offer a significant financial reprieve to businesses struggling with dues linked to industrial plots, spread across 8,000 acres and involving 14,000 plots.

Streamlining the repayment process, plot holders can now settle their dues at a simple interest rate of 8%, sidestepping previously burdensome interest rates. This scheme will remain in effect through December 31, 2025. Lawmakers, including Rajya Sabha MP Sanjeev Arora, hailed the decision as a substantial boost for small and medium enterprises.

(With inputs from agencies.)