Mohali (Punjab), Dec 9 : Indian business leaders Monday praised Punjab for offering an industry-friendly atmosphere, while the government claimed that investment proposals amounting to Rs. 55,000 crore were signed on the first day of a summit held here.

At the two-day "Progressive Punjab" investors summit, Deputy Chief Minister Sukhbir Singh Badal led from the front, even making a powerpoint presentation on Punjab's initiatives for industry in a bid to urge industry leaders to invest in his state.

Reliance Industries chairman Mukesh Ambani, steel tycoon Lakshmi Niwas Mittal, ITC chairman Y. C. Deveshwar, Hero MotoCorp's Sunil Kant Munjal, Biocon chairperson Kiran Mazumdar Shaw, Bharti Airtel chairman Sunil Mittal, G. V. K. Reddy from GVK Group, DLF vice chairman Rajiv Singh and other leading industrialists are in town for the summit.

At least 21 memorandums of understanding (MoUs) were signed Monday by various industrial houses and the Punjab government.

International steel tycoon Lakshmi Niwas Mittal said he found the Punjab government very responsive to all issues when he invested over Rs. 20,000 crore for an oil refinery project near Bathinda.

Chief Minister Parkash Singh Badal, who had come with a written speech for the occasion, chose to deliver an impromptu one to the business leaders.

"Punjab is No. 1 in various other parameters like education, healthcare and infrastructure. Now, we all must make it No. 1 in industry also. We will make it the most preferred destination for investment in the country," Parkash Singh Badal said.

Sukhbir Badal highlighted various initiatives of the government, including single window clearance, uninterrupted power supply and tax incentives for investment in the state.

"We are a power surplus state now. I have come before you only after having done the ground work," Sukhbir Badal said.

Telecom giant Bharti Enterprises announced that it would invest Rs. 4,000 crore in the state in the next five years. (IANS)