PMIDC is a non-profit making company constituted by the Department of Local Government with an objective to uplift the living standard of urban population including urban poor in the State of Punjab. The Company has been duly licensed under section 25 of the Companies Act and incorporated in March, 2009.
Chief Secretary is the Chairman and Principal Secretary, Local Government as its ex-officio Managing Director.
PMIDC manages the Punjab Municipal Infrastructure Development Fund (PMIDF) created under Punjab Municipal Infrastructure Development Act, 2011, assigning 20% of the Additional Tax (surcharge) on VAT with objective to raise resources for infrastructure development projects from the nationalized or schedule banks or Financial Institutions for providing financial assistance to the municipalities for the infrastructure development projects.
PMIDC has been declared as state level nodal agency for JNNURM, AMRUT, Smart City, Swach Bharat Mission and is also co-ordinating some of the State level initiatives of the Department i.e. E-Governance, Energy Efficiency, Solid Waste Management, World Bank Project. It is intended to position PMIDC as a vehicle for large scale resource mobilisation and also public private partnerships in urban sector.