Press Note

04.12.2019

Shri K. K. Seth Chairman FICO along with S. Gurmeet Singh Kular President FICO will attend the tomorrow’s Progressive Punjab Investors Summit 2019, to be held at Indian School of Business on 05th & 6th December 2019.

Shri K. K. Seth Chairman requested Captain Amarinder Singh Honorable CM Punjab & S. Manpreet Singh Badal Finance Minister Punjab, that the government of Punjab should also focus on the existing industries in Punjab, which are the tax payers and pays huge amount to government in shape of GST, Income Tax, Property Tax, Octroi etc., the government is working to get the new industries in Punjab and ignoring the existing ones, which also needs the support of the government.

S. Gurmeet Singh Kular President FICO said that in order to avail the benefits of a new unit, for an existing unit, it is mandatory to invest 50% of its original fixed capital investment, that clause should be abolished. Rather benefits should be available to any industry who invests any amount in its fixed capital, as the benefit is at the volume of investment i.e. benefits up to 150% of the investment made in f.c.i.

Kular also requested the honorable Chief Minister & Finance Minister Punjab that the ZED clause should be abolished for fiscal incentives for Existing as well as new industries in Punjab, as the Industries of Punjab is not that advance to meet the compliance of ZED.