Punjab launches one-time settlement scheme for industrial relief

Industries and Investment Promotion Minister Tarunpreet Singh Sond has expressed gratitude to Chief Minister Bhagwant Singh Mann for launching the One-Time Settlement Scheme (OTS), aimed at resolving long-pending industrial disputes and providing long-awaited relief to industrialists in Punjab.

Sond highlighted that the OTS scheme offers industrialists an opportunity to settle disputes related to enhanced land costs and delayed principal payments in a fair and transparent manner.

Under this scheme, defaulters can clear their dues with a nominal simple interest rate of 8%, while also benefiting from a 100% waiver of penal interest.

“The last date to avail of this scheme is December 31, 2025, giving defaulters sufficient time to settle their outstanding dues,” he added.

The minister further explained that the scheme applies to defaulter plot holders whose original allotment was issued on or before January 1, 2020, ensuring that long-pending cases are addressed effectively.

Approximately 1,145 industrialists across Punjab stand to benefit from this initiative, allowing them to clear their dues and reinvest in their businesses. Notices to concerned industrialists will be issued by April 30, 2025, enabling them to deposit their dues by the December 31 deadline.

Sond also stated that the OTS scheme covers industrial plots, sheds, commercial plots, and residential plots in Industrial Focal Points developed by the Punjab State Industries Export Corporation (PSIEC).

Plot holders whose allotments were previously canceled, but whose possession was not taken over by PSIEC or reallocated, will have the opportunity to reclaim and grow their businesses by settling their dues. The scheme is expected to help industries eliminate financial burdens and legal challenges, unlocking their potential for expansion and modernization.

Additionally, the revenue generated from this initiative will be reinvested into industrial infrastructure, including the improvement of focal points and the development of new industrial parks, thereby strengthening Punjab’s industrial landscape. To facilitate a smooth application process, PSIEC will establish special help desks to assist industry promoters in availing themselves of the scheme.