Shockwave in Industry on State Budget: CICU
Chandigarh, June 27, 2022:
Chamber of Industrial & Commercial Undertakings (CICU) strongly condemned the Punjab Budget 2022-23 presented on Monday by Finance Minister Harpal Singh Cheema.
Upkar Singh Ahuja, President of CICU, while expressing grief said that Industry in Punjab feels betrayed and highly disappointed, as a mere 100 Cr fund allocation for Industrial development is too less for Industrial growth out of Rs 1,55,860 crore state budget. He further said Industry is passing through a crucial and turbulent phase and a lot of expectations were at the State Budget for its way to recovery. No budgetary provisions are made for Export promotion nor is any package for the Halwara airport project provided in the State Budget.
Industry plays an important role in the development of the State as it brings in New Technology, New businesses, and higher employment prospects for the youth of Punjab. Punjab has been looming under a lot of stress as the Industry is moving out of Punjab at a very rapid pace and the neighboring states like Haryana, Himachal Pradesh, and Rajasthan are attracting these Industries with well sported Industrial Policies.
CICU requested the Government of Punjab and the Finance Minister to reconsider the budgetary provisions and provide a handsome budget package for the Industry. Government contribution for cluster development should be increased, as this contribution attracts higher contributions from the Centre Government. Budgetary provisions should be made for export promotion and development of Halwara Airport in Ludhiana.