Ludhiana Inc gives thumbs down to budget

Ludhiana: Ludhiana businessmen felt disappointed when Punjab finance minister Manpreet Badal failed to announce anything significant for the industry in his budget speech on Monday. They lashed out against the state government saying that they were being fooled by the Congress leaders as no concrete steps were being taken for revival of the industry and the same was constantly being ignored.
As far as the announcements of ‘Make in Punjab’ policy is concerned, the businessmen say this just old wine in new bottle as already similar policy of the Union government is running. About government announcement of allocating Rs 1,513 crore for giving power subsidy, they claimed that there was no clarity over which category of industrial meters would be given the subsidy.

Speaking to TOI, president of Fasteners Manufacturers’ Association of India Narinder Bhamra said, “We had already predicted that the industry will be ignored in this budget and the government has proved that businessmen in Punjab are third-grade citizens. During the last Congress government in the state, the chief minister used to meet industry representatives once a month and we got many matters resolved in no time. However, now it seems that neither the CM nor local leaders are concerned about the fate of the industry.”

According to Rajneesh Ahuja, a city-based exporter and president of Focal Points Shed Association, “The budget is merely an eyewash. Its been almost two years since we had been requesting finance minister Manpreet Badal to stop backdated assessments of as old as eight years by the state taxation department and also introduction of one-time settlement scheme for different departments. On several occasions, we were promised by the finance minister that these issues will be resolved, but once again nothing has been done.”

Jagbir Singh Sokhi, president of Sewing Machine Development Club, said, “The finance minister has announced ‘Make in Punjab’ policy in which he claims to give preference to local industry for supplying to the public sector undertakings (PSU) of the Punjab government. However, this policy is similar to Centre’s public procurement policy in which preference is given to the micro small and medium enterprises for purchases made by the Union government’s PSUs.”

According to Gurmeet Singh Kular, president of Federation of Industrial and Commercial Organisations, “The finance minister has made an allocation of Rs1,513 crore for giving power subsidy to the industry, but he has not made it clear which category of industrial consumers will be given this subsidy. Moreover there is already a confusion regarding power tariffs as the state government and Punjab State Power Corporation has been making claims that power is being given at Rs. 5 per unit to the industry but the case is totally opposite as power to industry is being supplied at Rs 8-10 per unit. So it is unclear whether the power subsidy mentioned in the budget is just an announcement or will it really be implemented .”