FICO reacts to Union Budget (2014-15)

Ludhiana, July 10, 2014: Reacting to Union Budget (2014-15), the Federation of Industrial and Commercial Organisations (FICO), Ludhiana president Gurmeet Singh Kular and general secretary Manjinder Singh Sachdeva have stated that the excise limit should be at least 3 crore because existing limit is 1.5 crore. In a statement here today, they added rates of raw material has already increased too much.
They added no benefit has been given to MSME industries in the budget. If the government really wants to help the MSME Sector then this sector should be given interest subsidy. They said excise on steel should be decreased and 2% central excise duty on complete cycles should be abolished so that the industry can get the relief.
They said increase of Rs.50,000 in Income tax exemption and under 80c is appreciable, adding investment incentive of Rs25 crore for new entrepreneurs is also to boost the new industry but it should also be given to existing industry.
They added IIM for Punjab is also a good step to boost the industrial sector. They also welcomed interest benefit of self occupied property raised to Rs.2 lacs, terming it as a “good step”.