Upset with the Budget, cycle industry plans to write to PM Modi

Ludhiana, Mar 4 (KNN) The disappointed cycle industry in Ludhiana is all set to send a draft to the Prime Minister Narendra Modi expressing displeasure over the Budget 2016. In their Budget Memorandum, the industry which mainly comprises of micro, small and medium enterprises (MSMEs) had demanded that the excise duty on cycle parts should be rolled back completely to give boost to the industry.

Talking to KNN, Secretary General of United Cycle and Parts Manufacturers Association (UCPMA), Rajeev Jain said a bicycle is an eco-friendly, Health friendly product, then why Government is not promoting this industry?

He also said the excise duty should completely be waived off from the cycle industry to give some boost to the sector which face cut throat competition from the Chinese imports.

The prices have already gone up the day when Minimum Import price (MIP) was increased on steel by the Government; he said adding that if we can import bi-cycle from china then why can’t we manufacture in-house cycles?

He demanded that the incentives should be given to the industry along with income tax exemptions.

China is the world largest Manufactures of Cycle by producing 20 Crores in year, and we are second one by only producing 1.35 Crores in a year, explained the secretary.

We are growth partner in the economy of India, he said. (KNN Bureau)