Jalandhar, Jan 18 (UNI) Engineering Export Promotion Council has urged the Centre and Punjab governments to take immediate steps to save the hand tool industry from ruin due to steep hike in the prices of iron and steel, its export and taxes.
Engineering Export Promotion Council's All India Hand Tool panel convenor Sharad Aggarwal, while addressing a press conference here today along with other major manufacturers of hand tools of the state informed that iron and steel forms 60 to 65 per cent of the total cost of production of the hand tool industry and every 10 per cent increase in their prices adds to nearly six per cent to the cost of hand tools.
The sharp increase in the input costs has affected the growth of the industry and its export from Jalandhar has also declined, he added.
To save the industry from going into recession, Mr Aggarwal and other manufacturers urged the centre to stop exporting iron and steel from the country to control the price rise and producers of iron and steel like SAIL and TISCO should sent the raw material in abundance to Mandi Gobindgarh and Ludhiana so that local producers should not take advantage of the situation by hoarding the material.
They have also demanded to extend the industrial corridor upto Amritsar from Ludhiana via Jalandhar so that the city-based hand tool industry could also be benefitted.
Meanwhile, they have also demanded from the Punjab government to abolish four per cent entry tax and advance VAT and also to clear the VAT refunds, which runs in crores, within a month as was the case earlier, instead of taking 6 to 9 months in clearing the same now.
UNI DP JN MP2122