Punjab Newsline | Ludhiana
Chief Minister Bhagwant Mann laid the foundation stone of a state-of-the-art forging plant of Vardhman Special Steels Limited on Monday in Ludhiana. The project, with an investment of ₹1,100 crore, is expected to significantly boost the state's industrial ecosystem and create new employment opportunities.
Addressing the gathering, the Chief Minister said the project would not only strengthen Punjab's industrial development but also generate employment for the youth. He stated that the plant is expected to provide around 500 direct jobs, while creating numerous indirect employment opportunities across allied sectors.
Mann said the growing number of large-scale industrial projects in Punjab reflects renewed investor confidence in the state's economy. He noted that in the past, industries were shifting to other states due to bureaucratic hurdles and corruption, citing Mandi Gobindgarh as an example of industrial migration. However, he said the situation has now changed with the government's industry-friendly policies.
Chief Minister highlighted that the Punjab government has actively engaged with investors both within India and abroad to attract fresh investments. As a result, several leading companies are now choosing Punjab as their preferred investment destination.
He revealed that the project was initially planned as a ₹500 crore joint investment between a Japanese company and Vardhman Special Steels Limited. However, impressed by Punjab's improved industrial environment and investor-friendly policies, the company increased its investment to ₹1,100 crore.
Mann described the upcoming forging plant as one of the most advanced facilities of its kind in the country. The products manufactured at the plant will cater not only to the domestic market but will also be exported internationally, strengthening Punjab's manufacturing and export capabilities.
Reassuring industrialists, the Chief Minister said they should contact him directly if any government official creates unnecessary obstacles. He emphasized that the state government is committed to providing a transparent and hassle-free business environment. He added that Punjab's new industrial policy has been formulated based on industry feedback and includes a single-window clearance system for faster approvals.
Mann said that earlier, obtaining approvals related to land use, forest clearances, and pollution control often took several months, discouraging investors. The government has now streamlined the process, ensuring that all key approvals are granted within 45 days, allowing projects to commence within one and a half months.
Referring to recent investments by Tata Steel and now Vardhman Special Steels, the Chief Minister said Punjab is witnessing a new phase of industrial expansion. He urged industrialists to provide maximum employment opportunities to local youth, adding that the government's vision is to put jobs, not drugs, in the hands of Punjab's youth through sustained industrial growth and investment.
