The growing scope for industries in Punjab.
Punjab is mostly known for its rich fertile soil, and the great agricultural produce and even the revenue is based on the agriculture. It has also contributed to the economy of the state. The state accounts for almost 17% of the country’s wheat production and the rice production of 11%. Due to this there are many industries that have come up that relate to agriculture. There are several industries in the state due to the good infrastructure provided by the state government. It has emerged as an important place for industries like textile, yarn, hosiery, readymade garments, etc. due to the development of textile park policy and infrastructure. The key industries here are chemical products, food products, bicycles, tractors, pharmaceuticals, auto components and agro-based industries.
Looking out for opportunities
Investors will be satisfied with the growth of industrial sectors here as the state government provides lots of incentives and facilities and stresses on providing great road, land and water facilities as well. The gross state domestic product growth rate for Punjab was 10.32 % from 2004 to 2014-15. Even the IT sector now sees opportunities that are ripe and helpful to invest here. The state ranks first when it comes to great infrastructure and connectivity to the rest of the country. There is a rise in industries relating to sports goods, fertilizers, sugar processing, tourism and electrical goods. There are a number of small scale industries as well and some medium industries that have a great scope in Punjab. The CAGR was 8.1 % from 2004 to 2014-15. Exports in the state are carried for the industries like textile, rice, sports goods, pharmaceuticals and more.
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