Chandigarh, June 27 -- The Punjab cabinet on Thursday approved significant amendments to the state's conversion policy, enabling the conversion of industrial plots into hospitals, hotels, industrial parks, and other permitted uses. A decision to this effect was taken during a meeting of the Council of Ministers held at the chief minister's official residence. Disclosing this here on Thursday, a spokesperson from the chief minister's office (CMO) said that earlier conversion policies were introduced in the year 2008, 2016, and 2021. However, industrial associations had raised concerns about certain restrictive conditions in the 2021 policy. In response, a committee reviewed the requests from industrialists and proposed a set of changes applicable to freehold plots. As per the revised policy, a conversion charge of 12.5% of the industrial reserve price will be levied. The cabinet also approved a policy for converting leasehold industrial plots and sheds into freehold ones, particularly for plots managed by PSIEC. These plots and sheds, originally allotted on a leasehold basis, included complex clauses related to transfer, leading to complications in property transactions. The new policy aims to streamline industrial estate management, enhance ease of doing business, and reduce litigation and uncertainty among allottees. Additionally, this conversion is expected to generate additional revenue for the state. The cabinet approved the merger of various directorates under the department of finance. The directorates of small savings, banking & finance, and lotteries will be merged and renamed as the directorate of small savings, banking, and lotteries. DPED and DFREI will be merged and renamed as the directorate of public enterprises and financial resources. The directorates of treasury & accounts, pensions, and NPS will be merged into a single entity: Directorate of treasury & accounts, pension, and NPS. This restructuring is expected to save the state approximately Rs.2.64 crore annually. The cabinet also gave consent for the creation of new posts for the state SNA treasury established in Chandigarh, in accordance with Government of India guidelines....