FICO Submits Budget Proposals to Finance Minister Punjab

Ludhiana, May 25, 2017: Today, a delegation of Federation of Industrial & Commercial Organization Popularly known as FICO, under the Chairmanship of S.Gurmeet Singh Kular President FICO, met S.Manpreet Singh Badal, Minister of Finance, Planning and Employment generation, Government of Punjab, regarding the upcoming Budget and submitted the Budget Proposals in Chandigarh. Highlights of the proposal are as under:
• Power: As Punjab is surplus state in terms of Power & power is a raw material to the industry, the costing of Power should be freezed at Rs.5/- per unit for the industry for upcoming 5 years. As we know that Punjab is surplus in hydropower the costing of power to PSPCL is Rs.0.65/- per unit only but still Punjab has the most expensive rates of power when compared to the neighboring states. There is a free power facilitated to farmers, which increases the cost to the industry. Power free to farmers is not Sustainable so that should be withdrawn in the coming budget.
• TUF for Bicycle Industry: - Bicycle Industry in the mother industry of Punjab which makes India the 2nd Largest Manufacturers of World. So Bicycle Industry needs (TUF) Technology Upgradation Funds to compete with the world & to become India largest Manufacturers of Bicycle in the World.
• Labour Reforms: - When compared to its neighboring states, Punjab is the only state where industry needs to pay salary by cheues to the labourers, instead of Cash. This notification should be withdrawn.
• Investment Subsidy: - The Subsidy should be provided to set up new Industry in Punjab, this would not only encourage new investments in industrial segment but also create more employment opportunities. So subsidy on investment should be provided
• Infrastructure of Focal Point: - In the New Industrial Policy, Collection of VAT, Service Tax, Central Excise, Water & Sewerage Charges, collected from Focal Point should be used only for the development of that Focal Point because there is very bad condition of roads & infrastructure of Focal Points. Special Fund should be created in coming budget to develop existing focal point to model Focal point.
• Lower Rate of Interest for Machinery Purchase: - Government should focus more on the development of Industry. as we buy a car, it is very easy to get loan at the rate of 8% to 10% per annum. But if we purchase machinery we loan at much higher rate of interest ranging from 12% to 14%. So same category rates of interest should be applicable for the purchase of machinery.
Amongst Present were S. Gurmeet Singh Kular President FICO, Sh. S. K. Rai Vice Chairman Hero Cycles Limited, Sh. Rajeev Jain Secretary FICO, S. Manjeet Singh Matharoo Executive Member FICO & Sh. Mandeep Chowdhry Media Advisor FICO