Mohali The youth city of Punjab is in the hands of the industry first generation of Mohali. This first generation industrialist with higher education is ready to compete with China and European countries for self-reliant India. They have full faith in their ability and the hard work of the workers. They have a question that if there will be a competition?
Industrialists of Mohali say that some big industrialists are getting the benefit of government schemes, but only the paperwork and political promises are coming in the part of MSME i.e. micro, small and middle industry. There are possibilities in the central government package for startups, but there is no facility in government schemes to start the production of a popular product, even though most of the consumption of that product is imported. In such a situation, Yuva, who started his career in the industry, takes a step backwards without being hopeless. In this era of Kovid-19, the most difficult taxation system and rate of interest has been created for the industry. For tax rebate, the central and state governments are throwing their balls in each other’s balls by throwing, So at the same time, banks have different policies regarding the rate of interest. To overcome the Corona period, the central government gave the facility of loan at a limited limit to the industry, but every bank is deciding the basis of this loan according to its own. This leads to dilemma. Anyway, industrialists and economists do not consider lending as the solution.
The slogan of Make in India and self-reliance came in the midst of the Kovid era. Every industrialist wants this to happen. If the dependence on foreign countries decreases, the supply chain will be faster. If raw materials and other things, including technology, are available in the domestic market, then cost will come down and production and employment will increase. The question is how it will happen. Facility of raw material and technology is not possible in the domestic market at once. In order to develop better technology and skills in the country, the government will have to spend on development and research in a planned manner that can benefit at the ground level. Only then will we be able to create a self-sufficient indigenous market in 5 to 10 years in a phased manner. – Anurag Aggarwal, Partner, PK Industry, Mohali
To emerge from the Corona period, the central government announced a large package for MSMEs, which was partially available to the Mohali industry. There was no relief from the state government. The state only talked about the fix charge of electricity, in which the heavy load industry suffered during the shutdown. Last week, the state government imposed an additional burden instead of providing relief by applying peak load hours. If the state government wanted to provide relief, it could have increased its cash flow by giving a rebate to its share of GST. This will benefit not only the industry but also the market. The state government could have given relief by reducing the price of petrol diesel, but this was not done. – Hari Om Verma, Ramani Precision Machines Pvt. Ltd. Mohali
If you want to stop the migration of youth, you have to be self-sufficient. If the steps are not taken seriously in this direction, then there will be neither talent nor youth in the country. Whatever the government is doing, it is less on the ground and more on paper. The functioning of government offices is still going on as per the old custom. Technology is just named there. The Center said that in the name of relief package, the loan will be given at the credit limit. Although lending is not a permanent solution, if the industrialist wants to take a loan, the basis of it is not clear. Each bank is setting its own basis for loans on credit limit. Some are selling to cell, some to production and others are basing stock. Why does the government not provide clear guidelines on this? – Kamal Kumar Dupar, Proprietor, Ohri Industry Mohali
The Corona era has once again started a period of global recession, which will have long lasting effects. Governments are not taking it seriously, especially the state government. If the state government had exempted its share of GST, it would have increased the cash flow and production in the market. The interest on EMI and cash credit was postponed by banks, adding to the burden. If someone had to pay 60 installments and he has not given three installments then now he has to give 63 installments. This will have to bear the burden of additional interest of 6 months. Banks could waive interest for three months, but the government did not create such a guideline. The basis for the loan against cash credit is also unclear. If the state government wanted, it could have turned this crisis into an opportunity. After the end of the period of terrorism in Punjab, around 1994, the then state government waived the cell tax giving the package. This had brought relief to the existing industry of Punjab, Rather, a large number of industries and investments came from other states as well. The state’s economy was benefited by this. – Advocate Mukesh Ghai, Taxation Expert, Mohali