Punjab industry gives thumbs down to Arun Jaitley’s Union Budget
The industry in Ludhiana found nothing to cheer about in the Union Budget presented by finance minister Arun Jaitley on Thursday. (Read Union Budget 2018 LIVE)
Industrialists and traders from across the city, often called the Manchester of India, were expecting tax relief and sops for micro, small and medium enterprises.
President of the Federation of Industrial and Commercial Organization Gurmeet Singh Kulhar said they expected the finance minister to increase investment limit of micro, small and medium enterprises. “The finance minister has also not allocated funds for the modernisation of domestic manufacturing sector, which could have helped in increasing the output.” He also said the continuation of credit linked capital subsidy scheme has not been announced in the Union Budget.
‘Populist budget to reap electoral gains’
The government has announced a slew of measures, including the minimum support price at 1.5 times the cost of production of kharif (summer) crops, which are aimed at reaping electoral gains ahead of the 2019 Lok Sabha elections. “The budget is a farce as none of the populist announcements, including the national health protection plan, can be implemented in such a short duration. The government clearly aims to reap political benefits out of this budget,” said Badish Jindal of the Federation of Punjab Small Industries Association.
The Union Budget has also failed to announce anything to the cycle industry of Ludhiana. “The government didn’t pay heed to our demands of setting up a cycle track and constituting a price regulatory committee for raw steel. Both these issues would have helped the cycle industry, which is facing tough completion from Chinese manufactures,” said Inderjit Sing Navyug, the association president.
‘Revision of corporate tax limit a silver lining’
President of the Chamber of Industrial and Commercial Undertakings (CICU) Upkar Singh Ahuja said demands of the micro, small and medium enterprises have not been fulfilled. He, however, said it’s good that the budget focuses on agriculture. It will hike the demand of tractors and other agriculture implements providing indirect benefit to the manufacturing sector. He also welcomed the proposal lower corporate tax rate to 25% for businesses with turnover up to ₹250 crore. He said hailed the healthcare scheme for corporate sector employees and ₹3 trillion under the Pradhan Mantri Mudra Yojana or Mudra scheme.
Chandigarh Chandigarh administrator Banwarilal Purohit on Wednesday gave in-principle approval for a synthetic running track at Sukhna Lake. UT adviser Dharam Pal, said, “The Chandigarh Heritage Conservation Committee had earlier given its go-ahead for the proposal. Next, the detailed plan and cost estimates will be prepared; and then, tenders will be floated for the project.” A UT official said the proposed track is part of the administration's efforts to give Sukhna Lake a major facelift.
The National Highway Authority of India has approved two over-bridges, which are likely to reduce travel time between Kalka and Zirakpur and alleviate traffic jams on the stretch by next year. NHAI has already floated tenders for the 60-m wide over-bridges, which will be constructed at a cost of ₹50 crore. It has invited bids for the “construction and site improvement of the four-lane national highway (NH-22) on the Zirakpur-Parwanoo junction.”
Fifteen students had a narrow escape after their school bus skidded into a waterlogged open drain in Daulat Singhwala village in Phabat area of Zirakpur. The bus, which was ferrying students of Blue Bird High School, Sector 16, Panchkula, was making way for another school bus when it skidded into the overflowing drain. The bus tilted in the drain, but passersby and parents were able to rescue the children through the driver's window.
Tricity residents woke up to heavy rainfall for the second time this month on Wednesday. Three people went missing after a taxi, shuttling two commuters, was swept away in a flashflood in the Patiala-Ki-Rao rivulet as the driver attempted to cross the causeway in Tanda Village near Nayagaon. The owner of the vehicle, Rakesh Kumar told the police that Gaurav had called him saying two people, travelling to Baddi, had booked his cab.
Chandigarh received 97mm rainfall between 6am and 8.30am, the heaviest rain in July since 2017, as per the India Meteorological Department. It received another 0.9mm of rainfall during the day. The maximum precipitation till 8.30am was recorded at the Sector 39 observatory (97mm), 49.2mm rain was recorded at the airport observatory, 77.5mm rain in Panchkula and 74.5 mm rain in Mohali.