Industry pins hopes on state Budget, seeks reinstatement of trade ties with Pak

Traders and industrialists in Ludhiana have high hopes for the state Budget, which will be presented on Wednesday. As they pin their hopes on the state government, they have demanded a reinstatement of trading ties with neighbouring Pakistan.

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Talking to The Tribune, general secretary of the Punjab Pradesh Beopar Mandal Ayush Aggarwal said prior to the ties being severed in 2019, Punjab and Pakistan were doing business to the tune of Rs 5,000 crore per annum.

“But then bitterness developed between the two countries, India snapped all business ties with Pakistan. This is not in our favour as our community used to export products such as yarn, vegetables, garments, edible oil, etc, and get good returns. But ever since the trade ties were cut, there were neither profits to the government nor manufacturers or traders,” said Aggarwal.

He said since the state Budget is to be presented on Wednesday, the state government should come up with some proposal to reinstate business ties with Pakistan.

The traders demand that the Budget should focus on expanding the market base of all indigenously produced products, which it can attain by opening the border with Pakistan. Punjab has a location disadvantage, being a border state and away from the port, but opening the border will bring a boom to the industry.

Meanwhile, expecting a relief, president of the Association of Trade and Industrial Undertakings (ATIU), Pankaj Sharma, said the Budget should lay focus on having long-term planning for the state. It should have policies to make a clear roadmap in matching the national GDP growth forecast of 6.6 per cent, if not more.

“This time, it must not be based on providing freebies to any section of society. If at all the government wishes to provide freebies, its burden should not be put on the industry. The Budget should have an outlay for research and development and should promote private investment in the sector. It will help make high-quality products in the state. We have a good infrastructure to produce garments, textiles and engineering goods. The Budget should identify key sectors and lay emphasis on the same,” said Pankaj Sharma.

The industrialists added that the Budget should provide incentives for sustainable growth of green energy, keeping in mind low power generation and constant increase in electricity demand.