Reaction of FICO on Budget 2021-2022

The Union Budget was presented by FM today

Reaction of FICO on Budget 2021-2022

Ludhiana: Gurmeet Singh Kular President FICO shared his observations, & welcomed the decision of decrease in customs duty of scrap and increase in customs duty of several manufactured items. He also said Encouragement to start ups and low-cost housing projects will boost investment. The reduction in time period of assessment will provide relief. FICO also welcomes increased allocation to Development of Road and Railway infrastructure, Healthcare, Water Supply, Clean Air, R&D, MSME.

Shri K. K. Seth Chairman FICO said that unlike the Textile Industry, the Bicycle Industry is again ignored, and No Special Package for Bicycle Industry has been introduced whereas India the 2nd Largest Manufacturers of World, after China. The Bicycle Sector needs special attention of the government to flourish. So, that the Bicycle Industry can upgrade themselves to compete with the world & to become India largest Manufacturers of Bicycle in the World.

Shri Manjinder Singh Sachdeva Senior Vice President FICO said that that the Credit Link Capital Subsidy Scheme has not been reintroduced, let apart increasing its limit. The Credit Link Capital Subsidy Scheme should have been made permanent as it is the only scheme for the technological upgradation of the MSME industry.

Shri Rajeev Jain General Secretary FICO said that GST on Steel Raw Material has not been reduced to 12 % as the steel is being taxed at 18%, but the anomaly is that the finished products of the steel in Industry are being taxed at 12%, which is also resulting in GST refunds being stuck at the government's end. The GST on Steel should have been rationalized and reduced to 12 %.

Shri Ashpreet Singh Sahni Organizing Secretary FICO welcomes the decision of increase in the custom duty on import of Auto Components, he said it will boost the indigenous manufacturing, and prove to be a boost for the Make in India. He also welcomes the decision to counter the tax terrorism by Reducing the time period from 3 years from 6 years for Re-opening of Assessment.