Ludhiana, July 17, 2013: Avtar Singh, General Secretary, Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana in a statement issued here today said that inspite of the fact that there is good demand for trucks, cars and two wheelers due to high per capita income, no OEM Plant has been set up in Punjab. Auto Components is a sunrise industry, therefore, maximum investments are coming up in this sector. The need of the hour is to formulate a separate policy for automotive parts/auto components industry for its proper growth and development.
Also, Upkar Singh, Joint Secretary, CICU said that Ludhiana is bustling hub and is famous as capital of small scale industry in India. This is the second largest flourishing hub from where containers cargo for India’s overseas trade originate. Global brands throng this industrial town to get a pie of its huge consumer spending in key cargo generating hub of northern industrial hinterland. As such, there is urgent need for setting up Auto Park near Ludhiana which has now become indispensable for this industrial city.
Further, he further requested that in the special policy, vehicles and parts manufacturers should be permitted to set up units by allowing all fiscal incentives being provided to Integrated Textile Park by Punjab Government. This support is indeed required to beat the challenge and maintain growth trajectory which will enable automotive/auto components industry to survive in the local and global market in the present hostile economic scenario. This measure will accelerate flow of funds, output, employment and exports for this sector.
Both the CICU leaders have urged upon the Punjab chief minister, to set up of Special Industrial Park for automobile and auto parts near here. This support will enable auto sector to enrich their business and contribute significantly in the Punjab wheels of progress.