Punjab's OTS Schemes Offer Relief to Industrialists

The Punjab Cabinet has approved one-time settlement schemes to waive certain interests for industrial plots, benefitting 1,145 industrialists. The schemes aim to resolve disputes over land costs and outstanding payments, offering financial relief to boost businesses and create jobs across the state.

The Punjab Cabinet, led by Chief Minister Bhagwant Mann, has introduced two one-time settlement (OTS) schemes aimed at providing relief to industrialists with pending dues. These initiatives, approved on Monday, will waive compounding and penal interests for thousands of industrial plot holders in focal points across Punjab.

A spokesperson explained that the schemes are designed to help industrialists clear long-standing disputes regarding enhanced land costs and delayed payments. By enabling 1,145 industrialists to settle their dues, the OTS schemes aim to spur economic growth and job creation.

Industries Minister Tarunpreet Singh Sond shared that the OTS schemes will run until December 31, 2025, and apply to plot holders with original allotments issued on or before January 1, 2020. The financial relief measures are expected to stabilize businesses, prevent closures, and promote reinvestment into Punjab's industrial sector.

(With inputs from agencies.)