Janta budget: Punjab industry seeks focus on infra devp, reduced taxes

INDUSTRY REPRESENTATIVES SAID THE HIGH COST OF LAND IS A DAMPENER FOR ANYONE TO INVEST IN PUNJAB

LUDHIANA : Better infrastructure of focal points, attracting investors by reducing taxes, employment generation, and adaptation of technology were some of the suggestions raised by representatives of the industry during a meeting with state finance minister Harpal Singh Cheema over ‘janta budget’ on Friday.

Cheema sought suggestions from the Ludhiana industry regarding the budget for 2022-23. The newly formed AAP government is seeking public opinion terming the exercise ‘janta budget’.

Amit Thapar, president, Confederation of Indian Industry (CII), Punjab, stated during the meeting that the budget should focus on growth, enhance competitiveness, promote sustainability, adopt technology as well as seek to introduce measures to increase tax compliance.

The representatives of the Federation of Industrial and Commercial Organisation (FICO) said there is a dire need to save the existing industry in Punjab. According to the industrial policy 2017, the clause to invest 50 per cent of its original fixed capital investment should be abolished. “Rather benefits should be available to any industry based on whatsoever investment they make in their fixed capital,” said FICO chairman Gurmeet Singh Kular.

It was also demanded that electroplating industry be enrolled for effluent treatment.

Pankaj Sharma, general secretary, Chamber of Industrial and Commercial Undertaking (CICU), said the infrastructure of industrial areas and focal points are in a bad shape.

The industry representatives further said that the high cost of land in the state is a dampener for anyone to invest here.