CICU appreciates Punjab Budget 2013-14

Ludhiana, March 20, 2013: Avtar Singh General Secretary and Upkar Singh Joint Secretary, in a statement on Wednesday, appreciated Punjab Budget 2013-14.

They appreciated abolishing 5.5 percent VAT on items used by children, senior citizens and the poor. The children items include school bags, pencils, erasers, sharpeners, geometry box, colors and crayons, water bottle, feeding bottles and nipples.

Those for senior citizens include hearing aids, intra ocular lens, sticks and other walking support items for the senior citizens, while the items of poor exempted from VAT include Madhani (Lassi maker), Lemon squeezer, roller and rolling pins (chakla belan), mat, brooms, pawa (used in cots), comb, hairpin and hair clippers, they added.

Eco-friendly bicycle is used by the weaker section of the society therefore both of them have requested the Punjab Finance Minister for reduction of VAT on Cycle and Cycle parts from 6.5 percent to 2.00 percent. This support is indeed required to beat the challenge and maintain growth trajectory which will enable Bicycle Industry to survive in local and global markets in the present hostile economic scenario.

They have also requested to create the Technology Up-gradation Fund by allocating Rs. 500 crore for uplifting MSME Industry in Punjab.