New Delhi, Mar 26 (KNN) Commenting on the newly tabled Punjab state budget, the industry including the Micro, Small and Medium Enterprises (MSMEs) have expressed disappointment over the outlay.

In the state budget, Punjab finance minister announced Rs 4,250 crore debt waiver farmers and Rs 100 crore for crop residue management, responding to the announcements made in the proposed budget, the MSMEs feel that nothing much has been offered to their sector.

Badish Jindal, President of the Federation of Punjab Small Industries Association (FOPSIA) said that this is second time in a row that the budget has got nothing for the industries.

He also raised concern over the new tax proposals made in the budget.

“The proposed increase in non-taxable income from Rs 5,096 crore to Rs 10,229 crore is next to possible”, Jindal said.

He also commented over the increase in net expenditure of the government with no benefit of the increase reaching the stakeholders.

“The net expenditure of the state government increased from Rs 71,182 crore to Rs 86,351 crore whereas in 2016-17 it was Rs 58,163 crore, whereas there is nothing additional when it comes to the facilities”, he added.

Speaking along similar lines, Confederation of Industrial and Commercial Undertakings (CICU) raised that the budget fails to take into consideration the demands of the industries in the state.

Also MSME body, Federation of Industrial and Commercial Organisation (FICO) in a press note said that the budget is not in tune with the problems and demands of the industries.

“The new budget proposed by the state government on a general overview seems away from being an industry-friendly budget”, the federation added. (KNN/DA)