Ludhiana fastener industry seeks higher incentives under scrapping policy to push sales

Ludhiana, Mar 4 (KNN) The fastener industry of Ludhiana is under undue stress due to stagnant demand, said Narinder Bhamra, president of Fastener Manufacturers Association of India (FMAI).

“Our industry desperately needs a sales push, which is only possible if the state government hikes incentives under its scrapping policy,” he said

The fastener industry is  industry of Ludhiana is keenly anticipating Punjab government's budget to act a catalyst to help bring change in its fortunes, reported TOI.

Bhamra pointed out that the state government should consider increasing tax rebate on the purchase of new vehicles to 30 per cent in the scrapping policy and allocate funds for this purpose in this budget. 

“This will lead to huge increase in sale of new two-wheelers, four-wheelers and commercial vehicles which in turn will create demand for fasteners,” he added.

Kuldeep Singh, general secretary of FMAI, said, "Fastener and other engineering goods manufacturing industry also wants a new body whose sole purpose should be to buy steel raw material directly in bulk at regulated rates from steel plants in other states. 

“This body will not only help resolve the problem of fluctuation of rates of steel every now and then, but will also prove a source of income for the state government as this body can charge nominal commission from industrialists for its services,” Singh added.

The industry is hopeful that Punjab government will announce setting up of such a body or department in the Budget.  (KNN Bureau)