City-based industrialists hope that government that will be formed at the Centre on May 16 should be stable and have farsightedness, especially for the small and medium enterprises of the country.
Ludhiana is a home to Micro, Small and Medium Enterprises (MSME) that contribute a major chunk of funds to the state as well as central government in the form of taxes.
Business house owners have also decided not to miss out on a glimpse of the television on Friday, when results for Lok Sabha elections would be announced. They say they would sit in front of television either at their homes or at clubs.
The exit polls telecast on different news channels have already given a boost to the market raising stock exchange. Even city-based industrialists believe that as per the exit polls, if a stable government was formed at the Centre, it would be very beneficial for the city industry.
Ludhiana has a large number of cycle and cycle parts manufacturing units, auto parts units, dyeing and knitwear industry. An estimated number of 10 lakh workers are employed by these different industries.
Steel manufacturing unit owner Arun Sharma said, “Whichever government comes at the Centre, it should be stable. The aim of the government should be to compete with China, as it is the major competitor against the country.”
He said the new government should make its foreign policy strong that had become very fragile currently.
Even those linked to the cycle industry say that the new government should be strong and should not get weak in front of its allies.
Jagatveer Singh Bittoo, vice president of United Cycle and Parts Manufacturer Association (UCPMA), said, “The new government that will form on May 16 should have the courage to take strong decisions and should not be influenced due to its allies. Industry will get a boost only when some strong decisions are taken.”
He said the cycle industry in Ludhiana could have a very bright future in case the new government takes some initiatives for its betterment.
On the other hand industry also wants that duties and taxes imposed should be reduced, as it has put a heavy load on the industry.
Gurmeet Kular, president of Federation of Industrial and Commercial Organisations (FICO), said,
“The new government should also give industrial package to Punjab that was denied when the package was given to Uttrakhand and Himachal Pradesh, earlier, this year. Industry in Punjab requires such packages with the help of which it can revive.”
He said several schemes were launched by the union ministry of MSME that could benefit Ludhiana industry to a great extent. “However, these schemes are not planned properly, as a result they are not benefitting the industry,” Kular said.