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AAP’s Punjab budget leaves Industrialists & traders disappointed

Updated: Jun 28, 2022 09:47:49am
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AAP’s Punjab budget leaves Industrialists & traders disappointed

Chandigarh, June 28 (KNN) The state government of Punjab has received heavy criticism form industrialists and traders over its state budget which was presented on Monday by Finance Minister Harpal Singh Cheema.

Industrialists have expressed grief and a sense of betrayal from the Aam Aadmi Party (AAP)-led government.

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“We are highly disappointed, as mere Rs 100 crore fund allocation for Industrial development is too less for Industrial growth out of Rs 1,55,860 crore state budget,” said S. Upkar Singh Ahuja, President, Chamber of Industrial & Commercial Undertakings (CICU).

Condemning the budget, he said that industry is passing through a crucial and turbulent phase and a lot of expectations were at the state budget to pave way for its recovery, he said.

The budget doesn’t provide provisions for export promotion or any packages for Halwara airport project near Ludhiana.

Ahuja said that neighbouring states like Haryana, Himachal Pradesh, and Rajasthan are attracting industries which are moving out of Punjab with their well sported industrial policies.

All Industries & Trade Forum (AITF) has strongly proposed the budget and has accused the government of dividing the trade and industry leaders by announcing Traders Commission.

Badish Jindal, President, AITF who is also the President at Federation of Punjab Small Industries Associations (FOPSIA) told KNN that the budget is merely a repetition of old budget and there is nothing new in this budget.

“Only Rs 100 crore reserved for the provision for capital subsidy to the industries under Industrial Policy of state which shows that government may not continue the Invest Punjab policy as it requires more than 2000 crore a year,” he said.

Jindal opined that this will prove to be a very high deficit budget as the fiscal deficit of last year budget was 5.65 per cent this year it may cross 7 per cent.

Given the problems Punjab is facing such as high unemployment rate we were expecting a budget which may help the existing industry to grow and bring the new industries but unfortunately this budget may result in closure of existing industries and many new projects in pipeline, he said.  (KNN Bureau)

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