City-based importers, exporters feel let down

Tribune News Service

Amritsar, February 2

The city-based importers and exporters believe that they have been let down by the Union Budget. Businessmen opined that they incurred massive loss after the Centre raised the customs duty on import of goods from Pakistan by 200 per cent following the Pulwama attack on February 14 in 2019.

After India stripped Jammu and Kashmir of its special status and bifurcated it into two Union Territories, Pakistan banned imports from India.

In both the cases, traders suffered losses and it was a double whammy for them that the Union Budget did not had anything meaningful.

The holy city exports basmati rice, shawls, tweeds and machinery, among others.

Naavniit Miterr, chairman, CII (Amritsar Zonal Council), said, “Exports are sign of economic prowess. In the last decade, year on year growth rates have fallen from 24 per cent to three per cent. Yet adequate support in the Union Budget 2021 is missing. The fall in growth rates is evident in import growth as well. International trade is a force multiplier for national productivity. It insulates industry from domestic-consumption cycles. In Punjab the double whammy of freight and container movement blockade and diversions as well as delays thereto, have further jeopardised exports. The pandemic has increased more challenges.”

Rajiv Sajdeh, importer and exporter, said, “Proposals to promote e-commerce exports show the foresight and long-term view. The Union Budget 2021 reflects the Centre’s intent on continuity and making India a five trillion economy. For the first time, the Budget has recognised the importance of textile sector.”

He said, “The establishment of seven Mega Textile Parks with plug and play facility will be a game changer. This will attract large investments, boost employment and provide competitive edge to Indian textile exporters. Reduction of duty on nylon and increasing the duty on cotton are steps in the right direction.”

Kannav Aggarwal, an importer said, “Focus on agriculture is the need of the hour. Emphasis on infrastructure will help in designing a road map for the next decade if the government is able to deliver what it has promised. Agriculture, textiles and infrastructure are the key pointers of any economy.”