Punjab was once the key driver of the green revolution in India, supplying at one time, most of the wheat and other agricultural produce in the country. However in the past couple of decades, due to various political and social changes and uncertainties, the output of the state isn’t what it used to be.
However, the average Punjabi has always shown incredible grit and ingenuity in doing business, and making something good out of nothing. Given the right inputs and supporting ecosystem, entrepreneurship is bound to flourish in this iconic state of India.
Prime Minister’s Employment Generation Program (PMEGP): This scheme was launched to generate employment opportunities in rural as well as urban areas of the country through setting up of new self- employment ventures/projects/micro enterprises. The scheme has a lot to offer for Punjab as well. Read more about it here >
Punjab Bureau of Investment Promotion (Bureau): This Govt. of Punjab organisation serves as a single point of contact for giving all regulatory clearances and applicable fiscal incentives and assists the investor in setting up the project. Invest Punjab is the unified regulator for all State level regulatory and fiscal clearances. Read more here >
STPI Incubation Center, SAS Nagar (Mohali): The center provides Plug and Play infrastructure for start-ups. It also has a Center of Excellence for upcoming technology along with mentorship programs for entrepreneurs. Read more here >
Industrial Policy of Punjab, 2013: Fiscal incentives and exemptions for new and existing industries have been included in the policy, such as:
– VAT and CST Incentive
– Exemptions for IT/ITES/Knowledge Industry Units from clearance from Pollution Control Board, inspection under labour laws, Punjab Apartment and Property Regulation Act (PAPRA)
– Stamp Duty exemption Up to 100 % for IT/ITES/Knowledge Industry Units
– Electricity Duty exemption Up to 100% for IT/ITES/Knowledge Industry Units
Read more here >
Punjab University-Entrepreneurship Development Cell: The Entrepreneurship and Skill Development Cell, Punjabi University wishes to inculcate the entrepreneurial and skill enhancing environment in Punjab. Read more here >
Punjab Technical University- School of TQM & Entrepreneurship: Read more about it here >
Indian School of Business, Mohali: The institute houses Centre for Entrepreneurship with facilities like incubation cell, academic courses and entrepreneurial ecosystem. Read more here >
Lovely Professional University: This private institute has an Entrepreneurship Development and Incubation Cell. Read more here >
Punjab also has a host of Mentoring and facilitating Organisations for entrepreneurs:
Startup Accelerator Chamber of Commerce: They assist and guide aspiring entrepreneurs with all kinds of know-how related to government compliance, regulations, and procedures to establish new businesses. Financial assistance is also provided to upcoming startups by Chandigarh Angel Network (CAN). Read more here >
The Indus Entrepreneurs (TiE): Provides networking, mentoring, incubating and funding support to upcoming entrepreneurs and startups. TiE has also set up entrepreneurship nodal centers in colleges in collaboration with PTU (Punjab Technical University). Read more here >
In Summary – Punjab and Entrepreneurship:
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To know more about how Punjab is building a vibrant entrepreneurship ecosystem, click here.
Data Sources for Punjab: