Last week saw a galaxy of global business leaders at the Progressive Punjab Investors Summit 2026. The presence of leading global Indian industrialists at the inaugural session signalled that Punjab is once again emerging as a vibrant destination for industry, innovation and investment.
Among those present was global steel magnate Lakshmi Niwas Mittal, who flew in from Paris and arrived at 2 a.m. solely to attend the event — a gesture reflecting his enduring commitment to Punjab. Meeting him brought back memories of our interactions in South Africa, where he had established one of his early steel plants in collaboration with the Industrial Development Corporation of the South African government, with whom we had also set up a fertiliser plant.
He acknowledged my efforts in catalysing global investments into Punjab. I also recalled an evening years ago enjoying simple Indian chaat papri in the gardens of his Kensington Palace residence in London. Such interactions reflect not merely business ties but a shared emotional connection with India. His group has invested in the Guru Gobind Singh Refinery at Bathinda and has now committed an additional Rs 2,600 crore in Punjab.
The presence of industrialist Sajjan Jindal, whose family traces its roots to Hisar, was equally significant. From establishing their first steel plant there, the Jindal Group has grown into a global powerhouse. The company already operates a plant in Rajpura and has committed a further Rs 1,500 crore, reinforcing confidence in Punjab’s industrial ecosystem.
Another notable interaction was with Sunil Kant Munjal, whose family began in Ludhiana’s bicycle industry and went on to build the globally renowned Hero Group. Today, the group is expanding into electric vehicles and emerging technologies. He offered to leverage his network to facilitate investment in Punjab.
Our conversation also revived memories of travelling together to Lahore, Islamabad and Karachi, where we had worked to promote economic engagement. These interactions rekindled hope that the Wagah border may eventually open fully for trade — a development that could transform Punjab’s economy.
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Another business leader present was T. V. Narendran, with whom I worked during our association with the BRICS Business Council and as part of the Prime Minister’s delegations. Tata Steel is currently establishing a Rs 3,200-crore recycling plant in Ludhiana. He noted that Mandi Gobindgarh remains one of the company’s most significant markets.
Equally inspiring was the presence of Punjab’s homegrown industrialists — A S Mittal of Sonalika, Rajinder Gupta of Trident, Kamal Oswal of Monte Carlo and Arvinder Singh of Lal Qilla Basmati Rice — who have built globally respected enterprises while remaining rooted in the state. Each expressed confidence in Punjab’s evolving industrial landscape.
It was also significant that the groundbreaking ceremony for the Infosys campus in Mohali was held on the sidelines of the summit. I had worked persistently to take this project to fruition and remain grateful to my Rajya Sabha colleague Sudha Murty for her support in expediting it. The project is expected to generate employment for nearly 5,000 youth in the IT sector and marks an important step in Punjab’s emergence as a technology hub.
In February 2024, the Centre announced Rs 10,000 crore for the modernisation of the Semiconductor Laboratory in Mohali, which could transform it into a semiconductor fabrication and research hub. I continue to push for the early release of these funds. There is also scope to attract private semiconductor and electronics investors, including companies such as Continental Devices.
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Similarly, the 1,100-acre Integrated Manufacturing Cluster at Rajpura, approved in August 2024 under the National Industrial Corridor Development Programme with a project cost of Rs 1,367 crore, holds immense potential. Once operational, it could emerge as a major manufacturing hub near Chandigarh, provided procedural delays are addressed.
I have consistently raised in Parliament that labour-intensive sectors such as bicycles, leather and sports goods should be included under the Production Linked Incentive scheme. India produces nearly 20 million bicycles annually, with Ludhiana accounting for 75–80 per cent. Jalandhar’s sports goods industry exports to over 100 countries, while the leather sector employs more than four million people. Extending PLI support would strengthen these clusters, generate employment and boost exports.
This optimism is reinforced by Punjab’s new industrial policy, which introduces progressive reforms aimed at making the state investor-friendly.
Punjab has introduced green stamp paper, under which multiple approvals — including CLU, pollution control and fire safety — are deemed granted, significantly reducing delays. The state has also enacted the Right to Business Act, ensuring time-bound clearances within 15 to 45 days.
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The policy aims to attract Rs 75,000 crore in investments and generate employment through a flexible incentive framework offering around 20 options. It identifies nine priority sectors, including food processing, textiles, electronics and semiconductors, electric vehicles, auto components, sports goods, IT, agro-waste processing, and defence and aerospace, with additional incentives of up to 25 per cent.
Punjab is also a power-surplus state, offering 24×7 electricity at approximately Rs 5.50 per unit, among the most competitive tariffs in North India. The policy also promotes balanced regional development by offering additional incentives for industries in border districts and the Kandi region.
To ensure industry participation, the government has constituted 22 sector-specific advisory committees, largely comprising MSMEs.
Punjab’s geography remains a challenge. As a landlocked border state located nearly 1,500 km from major seaports, high transport costs reduce export competitiveness. I have therefore advocated a freight subsidy, particularly for horticulture products such as kinnow, basmati rice, vegetables and honey, which have strong demand in the Middle East.
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Efforts were also made to connect Punjab Agro with the LuLu Group for exports, but in the absence of freight support, the initiative could not progress effectively. With the state now proposing freight incentives, there is renewed hope for growth in agri and horticulture exports.
These reforms reflect the efforts of the Punjab government under Industry and Investment Promotion Minister Sanjeev Arora and Seema Bansal, Vice-Chairperson of the Punjab Development Commission, along with the Invest Punjab team.
As someone closely connected with the Punjabi diaspora, I also appeal to Punjabis abroad to invest in their home state. There is significant scope for social entrepreneurship in areas such as crop diversification, groundwater conservation and crop residue management.
With the new industrial policy in place, Punjab stands poised at the threshold of a new phase of industrial growth driven by investment, innovation and job creation.
(The writer is a Rajya Sabha MP)
