Punjab Cabinet Nod to OTS Schemes for Industrialists

1,145 Industrialists to be Benefited from this Scheme, Allowing them to Clear their Dues and Reinvest in their Businesses, Says Govt

- HT Correspondent

CHANDIGARH: The Punjab cabinet on Monday approved two one-time settlement schemes for industrialists to waive compounding and penal interests so that they could clear their long-pending dues for industrial plots in focal points. The decision in this regard was taken in the cabinet meeting chaired by chief minister Bhagwant Mann.

A spokesperson of the chief minister's office said the OTS schemes will facilitate industrialists to settle industrial disputes related to enhanced land costs and delayed principal payments, thereby ensuring that long-standing grievances of industrialists are resolved in a fair and transparent manner.

A total of 1,145 industrialists across Punjab will benefit from this scheme, allowing them to clear their dues and reinvest in their businesses, leading to economic growth and job creation, said the spokesperson.

These industrialists collectively employ thousands of people, and the financial relief provided by the OTS scheme will further stabilize businesses, prevent closures and lead to new employment opportunities.