Punjab Receives ₹1.92 Lakh Crore Investment Proposals Since 2022, Targets Defence and Aerospace: Aman Arora

Punjab has received investment proposals worth ₹1.92 lakh crore, with the potential to generate 6.5 lakh jobs, since 2022, Industries and Commerce Minister Aman Arora said on Tuesday. He said the state was positioning defence and aerospace as the next major growth drivers and offering capital incentives of up to 125% in priority sectors.

Arora made the remarks while inaugurating the 9th CII Manufacturing Excellence Exposition in Chandigarh alongside former Chief of the Air Staff, Air Chief Marshal B.S. Dhanoa (Retd.). He said Punjab received 1,626 investment proposals worth ₹32,110 crore, with the potential to create 91,236 jobs, between April 1 and September 30 this financial year.

Describing manufacturing as the backbone of Punjab’s economy, Arora highlighted the state’s auto components, tractors, bicycles, hand tools, sports goods, hosiery and steel industries. He said manufacturing excellence now requires better quality, reduced waste, timely delivery, competitive pricing and the adoption of new technologies.

The minister said the revamped FastTrack Punjab single-window system provides online access to permissions and time-bound approvals within 45 working days. The system also enables officer-specific tracking, automatic escalation and show-cause notices in cases of delay.

He added that the Industrial and Business Development Policy-2026 offers incentives of up to 125% of capital investment in priority sectors, including auto components, electric vehicles, defence and aerospace, electronics, textiles, food processing and sports goods.

“No state or society can survive without industry,” Arora said, adding that the policy had been framed through 24 sectoral committees to incorporate industry feedback. He said entrepreneurs had helped shape the policy and urged exhibitors to use the event to develop new business partnerships and vendor relationships.

Identifying defence and aerospace as a major opportunity, Arora said Punjab’s engineering units were already manufacturing precision components. Vendor-development discussions facilitated by Invest Punjab at the exposition could help local companies become suppliers to the sector, he added. He also urged large companies and public sector undertakings to increase procurement from Punjab’s micro, small and medium enterprises (MSMEs).

“When local suppliers grow, the whole industry grows,” he said, calling for closer collaboration between industry and the state’s ITIs, polytechnics and engineering colleges to help skilled young people secure employment within Punjab.

Assuring industry of government support, Arora said the Industries Department and Invest Punjab would work to resolve business-related problems promptly. CII Punjab chairman Harpreet Singh Nibber, Ashish Garg and other industry representatives attended the event. Arora congratulated CII Punjab and the exhibitors, wishing them successful business engagements and new partnerships during the two-day exposition.