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The bicycle industry has demanded chief minister Prakash Singh Badal to take up the issues pertaining to their industry with prime minister Narendra Modi.
Federation of Industrial and Commercial Undertaking (FICO) have asked chief minister Prakash Singh Badal to ensure Technology Upgradation Fund (TUF) scheme for the bicycle industry so as to revive its past glory.
Gurmeer Kular, president of FICO said that the union budget did not meet the expectation of the cycle industry of the state. He said that the industry has hence requested Badal to ask Modi to resolve some of the important issues related to the industry.
"We had thought that the 2 percent central excise duty on bicycle would be abolished in the budget but no such decision was taken. On the other hand no import duty on cheap imports from China was increased in the budget that has also raised concerns among the cycle industry" said Kular.
Other issues that have been raised in front of chief minister include raising exemption limit of central excise from `1.5 crore to `3 crore.