Impact of the Union Budget-2019-20

Budget

An Executive Committee meeting of the CICU was called to discuss Union Budget 2019-20.

Sh. Upkar Singh Ahuja, President & Sh. Pankaj Sharma, General Secretary, CICU gave comments on Union Budget 2019-20 presented by the Ms. Sitharaman, Hon’ble Finance Minister, Govt. of India.

Concept of “Make in India” defects as no relief given to MSME, CICU demands technology Up-gradation fund or any toy robots.

There is no relief for the Auto Industry as the industry is passing through crucial times. The sale of 2 wheeler, Cars, Commercial Vehicles, Tractor is very low and most of the units in Punjab supply components to vehicle.

Sh. Ashok Juneja, Vice President, CICU gave the report of Union Budget 2019-20.

On the other hand Reduction in GST on Electronic Vehicles is Good step taken by the Govt.

The Committee Members discussed the issues and said that even the budget is good for the general public but there is no relaxation for MSMEs. No special package has been provided to boost the MSME sector which has got big dent due to demonetization.

Overall, the Finance Minister has disappointed the whole MSME sector on Finance. It was expected that some relaxation will be given in the rate of interest for the MSMEs sector but nothing has been done.

The meeting was attended by 70 committee members namely S/Sh. Phuman Singh, G.S Kahlon, Rajat Sood, Gautam Malhotra, V.Pisdent, Ram Lubhaya, Vipan , Vinod Dhall, Inderjit Singh Sohal, A.K Kohli, , Naresh Bansal, , Rajinder Goyal, Harkesh Mittal, Jatinder Paul Singh, G.C Lakhnpal, Satinderjit Singh, Samer Kocher, Vineet, Gurmail Singh and other prominent members.

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