Economic Slowdown Propels Legislative Change in Punjab

The economic crisis, which has dimmed hopes for the use of SEZs to promote the IT industry in Punjab (as in many other states), also appears to have been a factor leading to the passage of specialized state-level SEZ legislation. The article excerpt below indicates that perhaps only the most dedicated promoters will persist.


Global financial crisis hits IT industry in Punjab
Swarleen Kaur
Posted online: Dec 04, 2008 at 0125 hrs

ChandigarhThe information technology industry in Punjab , which began in the year 2008 on a positive note now faces harrowing times towards the year-end as the global economic slowdown started to spread its wings into India.

The impact of global meltdown spilled over to Punjab in October when a software major in Mohali, Quark, showed 147 contractual staffers the door. Besides the growth of IT, special economic zones (SEZ) in the state remained sluggish. Though there are more than 18 SEZ projects proposed in Punjab but till date only one SEZ belonging to Quarkcity became a reality.

The slow growth of these projects exhorted the state government to introduce SEZ Act, which suggested a single-window system so that developers get all the necessary clearances from one single point. The Act has received deemed approval and will be implemented shortly.