Chandigarh, Oct 26 (IANS) The Punjab government would come up with a new industrial policy under 'Make in Punjab' initiative to encourage local industry by providing incentives for its growth , Deputy chief Minister Sukhbir Singh Badal said on Monday. Addressing industrialists here , Badal said the state government was committed to attracting new industries and reviving the existing ones. The SPVs would collect taxes from industrial units and spend it on the development of the industrial areas. Providing relief to the industrialists ,he announced that the excise department would scrutinise assessment cases of taxpayers pertaining to the last three years instead of five years and if any taxpayers was found at fault only then the scrutiny of taxes for five years would be done. Announcing provision of value added tax retention and power incentives even for the expansion of existing units under the new industrial policy , Badal said the state government is formulating a new power policy in which existing units would also get cheaper power below Rs. 5 per unit keeping in view their present consumption.