All demands ignored, says fastener sector
The fastener industry in Ludhiana was not happy with the budget announcements, as all of their demands have been ignored. The president of the fastener manufacturers association of India, Narinder Bhamra, said that the budget has "nothing which can boost micro entrepreneurs and no package has been given to uplift the micro and small industry". The biggest demand of the fastener industry and the engineering sector, on formation of a steel regulator and reduction in gst slab from 18 to 12, has been ignored. This has been done despite the central government, the finance minister, knowing that the small industry is facing a traumatic situation due to fluctuation in steel rates and high rates of taxes. The credit linked capital subsidy scheme, clcss, has been on halt since 2020, and the intention of the government behind this step is to discourage saving. Overall, this is a disappointing budget for the fastener industry and the micro and small enterprises.