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LCCI worried over closure of tractor industry

LCCI worried over closure of tractor industry

LAHORE: The Lahore Chamber of Commerce & Industry has shown grave concern over the closure of tractor industry and called for its early revival.

In a statement, LCCI President Engineer Sohail Lashari said that that tractor industry was not only an important source of revenue for the government but also providing employment to thousands of people directly and indirectly.

He said that only two years back production of tractor industry was over 70,000 units but during the current financial year, its production remained under 30,000 units.

The reasons for this slow down, the LCCI President said, are high tractor prices due to 10 per cent GST levied on tractors, high cost of production due to increased steel, electricity and furnace oil prices.

Engineer Sohail Lashari said that the government should immediately reduce the existing 10 per cent GST on tractors with a view to sustain manufacturing growth.

Engineer Sohail Lashari said that the Lahore Chamber of Commerce and Industry would extend all possible help to the auto industry as it is the mother of many industries.

“The Ministry of Commerce would be updated on the tractor industry plight for an early action.”