Latest update: September, 2016
Punjab, one of the northernmost states of India, is bordered by the Pakistani province of Punjab to its west, Jammu & Kashmir in the north, Himachal Pradesh in the northeast, Haryana in the south and southeast, and Rajasthan in the southwest.
Punjab is also known as the ‘Bread Basket of India’ and led to first Green Revolution in the country. By 2025, it is expected that the state will be among the leading producers of non-food grains as well as exporter of various agri-products. Occupying only 1.5 per cent of India's geographical area, the state accounts for about 17 per cent of the country's wheat production and 11 per cent of rice production. This makes it suitable for agro-based industries, dairy farming and products, and other food processing industries. During 2015-16, total vegetable production in the state was 4.16 million tonnes, wheat production stood at 17.10 million metric tonnes, and rice production stood at 10.62 million metric.
Punjab has strong agriculture base with the huge production of principal crops. In 2015-16, production of sugarcane was recorded at 7,125 thousand metric tonnes. As per state budget 2016-17, an amount of US$ 1.14 billion has been allocated to the agriculture and allied industries sector.
Punjab has been ranked first in India in terms of infrastructure facilities offered. Punjab’s road, rail and air transport network, connectivity, construction of bridges and infrastructure facilities are rated among the best.
Punjab has emerged as a key hub for textile-based industries including yarn, readymade garments and hosiery. With the development of apparel parks, favourable textile policy and other incentives for the creation of textile infrastructure, the state offers opportunities for investment.
Punjab’s gross state domestic product (GSDP) was US$ 62.4 billion at current prices in 2015-16 as against US$ 21.6 billion in 2004-05. The average gross state domestic product (GSDP) growth rate for the state of Punjab was about 10.12 per cent between 2004-05 and 2015-16. Punjab’s net state domestic product (NSDP) at current prices was US$ 56.7 billion in 2015-16 as against US$ 19.2 billion in 2004-05. Between 2004-05 and 2015-16, NSDP increased at a compound annual growth rate (CAGR) of 10.35 per cent. The state provides investment opportunities in sectors such as textiles, agro-based industries, IT & ITeS, automotive and auto components, sports goods and light engineering goods.
The following are some of the major initiatives taken by the government to promote Punjab as an investment destination:
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