A team of Union finance de par tment met different industrialists, including members of PHD Chamber of Commerce and Industry and Knitwear Club, and listened to their problems here on Saturday. They presented the various issues being faced by the industry in Ludhiana and sought the earliest redressal.
The team from the Central government comprised HAC Prasad, senior economic adviser and NK Sinha, additional economic adviser, department of economic affairs, Union ministry of finance.
Gurmeet Singh Kular, chairman, PHD Chamber of Commerce and I ndustry, Ludhiana, said that the cycle industry was reeling under a heavy pressure due to dif ferent policies of the government that should be done away with immediately.
“2% Central excise duty on bicycles should be abolished as the ear ning from this tax is minimal to the gover nment but instead the pressure on the industry is high. We also advocated for increase in import duty on cycle parts as the industry in India is hit by cheap imports by China” said Kular.
Kular also asked the team to smooth the process of providing loan facilities for the cycle industry.
Besides, Knitwear Club members also made a presentation to the team and said that the garment exporters were facing acute problems in absence of policies and infrastructure.
“Sea port is far from Punjab, as a result, exporters have to pay freight duty, making the cost less competitive than other countries. Refund of taxes like VAT from the state government is also delayed,” said Charanjiv Singh, secretary, Knitwear Club.
An interaction of the team was also held at Federation of Indian Export Organisations (FIEO).
Regional chair man of federation SC Ralhan said that there were several problems being faced by exporters that needed to be addressed at the Central gover nment level. He added that a presentation would be made to the prime minister office so that a solution could be reached.
The team assured the industrialists that their concerns would be taken up to the highest level.