City industrialists, traders expect good package for state in Budget

Shivani Bhakoo

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Ludhiana, July 12

The BJP, which has won the mandate for the third time in a row, will present the Union Budget on July 23. Industrialists and traders believe the industry, particularly the MSMEs, would receive relief this time. The BJP’s Ravneet Singh Bittu met Finance Minister Nirmala Sitharaman in Delhi and requested her to help revive the state’s economy, raising expectations even higher.

Sunil Mehra, president, Punjab Pradesh Beopar Mandal, stated that traders had wholeheartedly supported the BJP candidate in the General Election, hoping that the government would watch out for their interests.

Now is the time for the Union Government to make some key decisions in favour of Punjab’s industry and traders. First and foremost, Section 43 B of the Income Tax Act should be repealed, as promised by the Finance Minister during her visit to the city a few days before LS polls here. —Sunil Mehra, President, Punjab Pradesh Beopar Mandal

“Now is the time for the Union Government to make some key decisions in favour of Punjab’s industry and traders. First and foremost, Section 43 B of the Income Tax Act should be repealed, as promised by the Finance Minister during her visit to the city just a few days before the polls here. We hope to capture the attention of the Centre,” Mehra said.

The industrialists claimed that Punjab had been consistently overlooked while neighbouring states received numerous industrial packages.

“This is the current government’s third term; not only should the industry benefit, but also the average citizen. The MSMEs are constantly overlooked, and they must pay higher interest rates to the banks than larger businesses. This slab should be equal for everyone. The Credit Link Capital Subsidy Scheme, which had been suspended, should be revived and increased from Rs 1 crore to Rs 5 crore. The income tax rebate should be increased up to Rs 10 lakh as inflation has reached new heights,” said the president of the Federation of Industrial and Commercial Undertakings (FICO).

The textile and garment industry has voiced two concerns. Sudershan Jain, president of the Knitwear and Apparel Manufacturers Association, stated that the MSMEs were not in a comfortable position due to the high interest rates. “The interest slab should be reduced because MSMEs were the industry’s backbone. Secondly, the textile park has slipped out of our hands; the Union Government must provide us with one to nourish the textile and garment industry in Punjab,” Jain added.