In a bid to woo investors, Punjab Deputy Chief Minister Sukhbir Singh Badal today announced a twin bonanza of waiver of input tax on the food processing industry and provision of electricity at the cheapest rate of Rs 4.99 per unit in the country.

Addressing the second Punjab Investors Summit here, he welcomed the trust resposed on Punjab by the industry which signed 374 MoUs worth Rs 1.13 lakh crore in the second edition of Invest Punjab here today.

He also announced that the government was all set to launch an integrated food park at Ludhiana, a Green Tech Valley at Phagwara and a MRO (Maintenance, repair and overhaul) facility adjoining the international airport at Mohali.

Noting that Punjab is known as a producer of foodgrains, Badal said it should also be able to add value to its produce.

"Keeping this in view and with the intention of making Punjab a hub for agro processing industry, I decided to waive all input taxes of agro processing industry. This included VAT, CST and purchase tax, he said.

He said that the government had tied up with various corporates to establish 2,000 skill centers to train 1.5 lakh youth in various trades and professions in the state.
 
Companies involved in this task include ICICI BankBSE -0.89 %, Wal-Mart, ITC, TATA MotorsBSE -1.45 % and Maruti besides others, he said.

Badal said Punjab would be the first state in the country to have 4G connectivity in the entire state with every village, rural school and hospital being covered under this facility by January next year.