Chandigarh, Sep 15 (IANS): All new investments in Punjab would be cleared within 30 days of application, Punjab Deputy Chief Minister Sukhbir Singh Badal said Monday.

Badal said the Punjab Bureau of Investment Promotion had brought down the clearance time for new projects from years to 60 days at present.

"Now, all new investments in Punjab would be cleared within 30 days," Badal said while interacting with industrialists at an open house discussion here.

He said the Punjab government would not only encourage new investment in the industrial sector but would soon offer 100 percent incentives to existing units setting up newer ventures.

"Any investment which occurs within a year of initiation of a project would be counted as a new project," he said.

He said the state's industrial policy was being revised to bring the required change to make it more investment-friendly.

He said the Punjab government would also initiate the process to help investors get clearances from central ministries.