First budget of Congress for 2017-18 is merely a fake financial document: FOPSIA

Ludhiana, June 20, 2017: Federation of Punjab Small Industries Associations (FOPSIA) president Badish Jindal has said the first budget of Congress for 2017-18 is merely a fake financial documents, this is for the first time that detail annexure were not provided by the finance minister that clearly shows that there is something fishy in the budget.
The formation of Punjab Corporate Social Responsibility Authority is not a welcome step as it’s the right of the corporates to donate 2% CSR funds with their local priorities. The government cannot force the corporates to pay 2% CSR for their income of last three years. This is surely going to give a bad name of the state for upcoming investment projects.
No budgetary provisions kept for industry except 2 crores for women entrepreneurs and 10 crores for investment bureau.
The fiscal deficit of 11362 crore for 2016-17 and 14784 crore for 2017-18 will put the state in the deep financial trouble and the government may put some additional burden on the industry.
The loan burden of Punjab increased from 182183 crores to 195002 crores with an additional interest burden of 14910 crores per year. Under these circumstances it is too hard for Punjab to make any development.
The funniest statement of Finance Minister is to provide taxi jobs to 3 Lac persons in Punjab which clearly shows the intellectual level of a Finance Minister.
The finance minister accepted that VAT receipts gone down by 2% in the financial year 2015-16 those are giving a true picture of bankruptcy in Industry. But even after declaring the facts no package given to the Industry by finance minister.
No provision kept in the budget for providing the power to the industry at 5 Rs per unit.
All the announcements made in the budget are old announcements of previous government moreover even after the announcement no provision kept for their expenditure.
• Bicycle Valley announced and shown as project of 400 crores, but its already announced project and government is not spending any penny on this project.
• Exhibition center for last 4 years
• 16 industrial parks announced without any financial provision.
• Facilitation Centers working since 2009
• Investment Bureau already established
• Tourism in Amritsar already declared.
• Announced startups but no financial provisions kept for these incubators.
“Overall this budget will prove to be a final death nail in the sinking industry of Punjab”, said Jindal.