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The state economy consists of three broad sectors: primary, secondary and service sectors, corresponding to the agricultural, industrial and service sectors respectively. Punjab is known as the breadbasket of our country, India. Punjabis were at the forefront of defending the country from foreign aggression and were also the wheat bowl of India.
The Punjab state has the richest per capita income in the country and has held that title for over 20 years. Interestingly, this title was mainly due to Punjab’s agricultural sector, which accounted for more than 50% of his GDP in Punjab.
In particular, over the years, Punjab has been an agrarian economy, with farmers, farmers and people associated with the agricultural sector exclusively adding to the state’s development and growth projectiles and its economic prosperity. There are various reasons for this story. For more than 30 to 40 years, Punjab’s economy was overwhelmed by the agricultural sector.The story is about a wealthy farmer and Zamidar (landlord).
But when you look at the facts and figures, this story is far from the truth. Both agricultural and industrial sectors contribute equally. The latest Punjab economic data show the contribution of his three sectors to the Punjab economy in 2020-2021:
| year | Agriculture | industry | service |
| 2020-21 | 27% | twenty four% | 49% |
For 2021-2022, the state has allocated 12.5% ​​of total expenditures to agriculture and related activities. Interestingly, state Goods and Services Tax (SGST) revenues are estimated to be the largest source of the state’s own tax revenue (43%) in 2021-22. The fact that farmers have played a leading role in the development of the Punjab cannot be denied. But now is the time to acknowledge, value and recognize the role of Punjabi entrepreneurs.
According to the latest statistics, Punjab’s economy is India’s 16th largest state economy with a GDP value of Rs 5.29 crore in 2020-21. Although the basket of trade goods is very small compared to other states, the business community still has a presence on the national and international stage. Punjab’s major industries are textiles, sugar and dairy products. and machinery and equipment industry. Punjab’s major exports are garments and textiles (53.% share), machinery and equipment (15%), food (13.1%) and automobiles, trailers and semi-trailers (6.5%) of Punjab’s manufacturing exports. share). .
The role of Punjabi businessmen:
Business class in Punjab consists of small, medium and large businessmen, traders and businessmen. Whatever progress the industry has made, it is largely due to the efforts of these entrepreneurs themselves. Founded by a hard-working Punjabi entrepreneur, Punjabi Industries is against the backdrop of being a border state with hostile neighbors who have had to fight the partition of India and his three wars.
Reasons why the Punjab Industrial List situation is different from the rest of India:
– Few natural resources or good sources of minerals make it difficult to start a mineral-based industry. Therefore, they have no primary sources.
– The political system of the last 75 years has supported the agricultural sector far more than the industrial and business sectors.
– Punjab is a border state with a hostile neighbor and must bear the brunt of any war with Pakistan.Punjab’s trade with Pakistan is almost non-existent.
– Punjab is a landlocked state with no ports.
Although Punjab has few natural resources such as ores and minerals, Punjab entrepreneurs have created an industrial hub and industrial culture with their skill, business acumen and grit. Most of Punjab’s employment is handled by the textile sector, which directly and indirectly employs the textile industry in Punjab with an estimated 200,000 workers. batara and Mandi Govindgarh are bustling cast-iron towns.
Batara was once called the “Iron Bird of Asia”. It is the largest producer of CI foundry, agricultural machinery and mechanical machinery, and is still one of the major cities in the north. India Manufacture of CI casting and mechanical machinery. Ludhiana It is known as the Manchester of India due to the efforts of its hardworking entrepreneurs. It shows its presence in terms of textile exports throughout the world.
Despite all these odds, Punjabi businessmen not only survived, but also made their presence felt in the development of Punjab and India.According to a recent report in Hindustan Times, Punjab-based entrepreneurs The family is one of India’s richest people. Among India’s top richest businessmen, Punjab-based Trident He is the owner of a group (Banara, Ludhiana) and is involved in the textile and paper industry, which ranks him 127th in the country . LD Mittal of Sonalika Group (Hoshiarpur) is his 71st richest Indian with a net worth of $2.92 billion and SP Oswal of Vardhman Textiles (Ludhiana) is his 2nd in Punjab (4,600 kroner). It is the rank. Other prominent family-run businesses are Oswal Family (Ludhiana), RN Gupta & Co, (Ludhiana) (2,800 kroner), Avon Cycles Group (Ludhiana) owned by Onkar Singh Pahwa (1,700 kroner), Shiv Prasad Mittal and family. Aarti Steels (1,700 kroner), Anoop Bector-owned Vector Foods (Ludhiana) (1,200 kroner) and Hero Cycles’ Pankaj Munjal (9,000 kroner) are among the richest men in the country.
Ironically, the Punjab political system was not only in favor of agriculture, it was indifferent. It is indifferent to the industrial and business sectors. Punjab has few viable industrial policies. It is time to acknowledge, recognize and appreciate the role played by Punjabi entrepreneurs in the development of Punjab. They should be given the credit they deserve. We must develop not only a resilient industrial policy, but also an industrial culture.
The author is an independent commentator. Views are personal.
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