Industry’s thumbs-down to Union budget, cycle makers disappointed

OWNERS OF MSMES OPINE THAT ₹15,700-CRORE ALLOCATION IS TOO LITTLE FOR THE SECTOR

LUDHIANA: Captains of industry in Punjab’s industrial hub have given thumbs down to budget announcements, saying the Centre has provided no or minimal relief. Bicycle industry, a speciality of the city, has said that none of its demands has been met.

Even though the government has doubled the budget allocation for the MSMES, owners of such units say that this is too little. Seeking funds for technology upgrade, announcement of cycling tracks and relief in GST, bicycle industry representatives say the government is pushing them to closure.

United Cycle and Parts Manufacturers Association chief DS Chawla said, “The government has allocated ₹15,700 crore for MSME sector, but there are over 6.5 crore such units in the country. The government has failed to meet even a single demand of bicycle industry.”

Hero Cycles CMD Pankaj Munjal said, “From the manufacturing perspective, we wanted steps to help India’s bicycle sector improve capacity and export competitiveness under the Atamnirbhar Bharat initiative. GST structure and its compliance also need rationalisation.”

The Knitwear and Textile Club led by Vinod Thapar has appreciated the decision to set-up seven mega textile parks. A majority, however, said existing parks needed to be maintained first. Owners also slammed the Centre for announcing that the industrialist will not be allowed to avail tax deductions if EPF share of employees is not deposited in time. Jewellers said the gold import relief does not mean much, as 2.5% agriculture infrastructure and development cess has also been imposed on gold.

Chamber of Industrial and Commercial organisations president Upkar Singh Ahuja welcomed the announcement of voluntary vehicle scrappage policy, stating it will increase demand in the market and also meet scrap needs.

Customs duty cut goes well with industrialists

JALANDHAR: Industrialists have welcomed customs duty cut on steel products. Narinder Singh Saggu, president of Focal Point Industrial Units Association and owner of Hind pumps, said, “Customs duty relief gives us some benefit as steel prices are quite high. The packages rolled out by the union government during the pandemic did not benefit us much,” he added.

Ravinder Dhir, president, Khel Udhyog Sangh said, “Small scale industry has been ignored. Customs duty cut will not help, as iron and plastic prices are already exorbitant due to the monopoly of big corporates.”