Trade leaders express hopes for upcoming Punjab Budget on March 26

Ludhiana, March 21, 2025: A meeting of the Punjab Pradesh Beopar Mandal was held at the office located at Mata Rani Chowk, attended by State General Secretary Sunil Mehra, State Secretary Ayush Agarwal, and District President Parveen Goyal.

In this meeting, trade leaders expressed their hopes for the upcoming state budget on March 26.

According to the trade leaders, Punjab’s border had been closed for the past 13 months, which did not present a positive image of the state’s conditions to outside traders. Previously, during the Farmers’ Protest 1.0, Punjab’s traders had already suffered losses. Now that the borders have been reopened, small and medium-sized traders hope for relief in the upcoming state budget.

Due to the border closure, NPAs (non-performing assets) increased in the state, and many small traders were forced to migrate.

The Beopar Mandal submitted a memorandum to the State Chief Minister and Finance Minister, highlighting the following demands:
Settlement of Old Taxes: During the VAT regime, certain advance tax amounts were deposited with the government under octroi. However, after the introduction of GST, these amounts have been ignored. The government should introduce an amnesty scheme that allows traders to offset their pending taxes with previously deposited advance tax, providing relief to struggling businesses.
Stamp Duty Reduction: To promote trade and industry in the state, the 0.25% stamp duty on loans and mortgage documents should be abolished.
Abolition of Additional Taxes: The government should fulfill its promise to eliminate Punjab Development Tax and Professional Tax, as these only increase the financial burden on traders.
Online Business Permission Portal: Similar to Gujarat and Uttar Pradesh, an online portal should be developed where traders can obtain all necessary permits for starting a new business or investment without having to visit multiple government offices.
Improvement of Industrial Areas: The budget should allocate more funds for the maintenance and development of the state’s focal points (industrial hubs).
Recovery of Pending Payments: Following Gujarat’s model, a separate wing should be established within the police department to help traders recover pending payments.
Fast-Tracking the Delhi-Katra Highway Project: The land acquisition process for this project should be expedited to boost trade in Punjab.
Affordable & 24x7 Electricity: Like neighboring states, Punjab should provide affordable and uninterrupted electricity to industries and businesses.
Affordable Insurance for Small and Medium Traders: The government should introduce a low-cost insurance scheme for small and medium-sized traders. Since traders contribute taxes throughout their lives, they should receive government-backed insurance support during retirement.
Regulation of Online Retailers: To protect small and medium traders from online giants like Amazon and Flipkart, the government should implement a policy preventing online retailers from selling goods below market rates. MSMEs provide 60% of employment and over 30 lakh traders in Punjab support more than 90 lakh people. The government should take steps to safeguard small traders.
Improving Law & Order: Due to the recent decline in law and order, businesses in Punjab have suffered losses. The state government must take strict measures to ensure security and a favorable business environment.