Tribune News Service Ludhiana January 30 The Union Budget for the year 2021-22 will be presented in February. After the tough phase of the Covid-19 pandemic and lockdown and ongoing farmers agitation the industry hopes that much relief will be provided by the government for ease of doing business. Businessmen have pinned hopes for the revival of industry and its smooth functioning. The Federation of Industrial and Commercial Organisation (FICO) general secretary Rajiv Jain said “FICO chairman KK Seth president Gurmeet Singh Kular members Rajeev Jain and Satnam Singh Makkar have submitted suggestions for the Union Budget 2021-22 to Finance Minister Nirmala Sitharaman.” “Due to increase in steel prices it is not possible to run industry smoothly. Prices for export orders are not increasing whereas in the domestic market prices are increasing drastically. MSMEs are on the verge of closure. Unless the availability of steel is sufficient its export should be banned” added Jain. KK Seth another industrialist feels that the government should intervene by giving subsidy or impose price control to reign in prices. The sudden spike in raw material prices has made it impossible for MSMEs to meet confirmed orders. Exports are in serious danger due to loss of markets to competitors with long term negative consequences. Kular however said “The government has suspended the Credit Link Capital Subsidy Scheme. We demand that the scheme should be made permanent as it is the only way for the upgradation of the MSME industry. Also post lockdown the government should enhance the CLCSS subsidy limit from 15 to 50 per cent and investment limit from Rs1 crore to Rs25 crore.

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