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Bizmen meet new steel minister, demand solution to their problems | Ludhiana News

Bizmen meet new steel minister, demand solution to their problems | Ludhiana News
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.

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Bizmen face fund crunch as payments for previous orders still pending | Ludhiana News

In wake of the situation, businessmen are either overdrawing their bank limits or are requesting their dealers to increase credit days till the time the payment cycle resumes back to normal.
LUDHIANA: After the ending of lockdowns in other states and the resumption of the movement of finished goods, the city industrialists are now facing fund crunch. According to businessmen, for over two months, the payments from majority of their customers for already supplied orders remained pending due to lockdown and now they are short of funds to execute the new orders immediately.
In wake of the situation, businessmen are either overdrawing their bank limits or are requesting their dealers to increase credit days till the time the payment cycle resumes back to normal. ....

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Steel makers say unjustified price hike of 20-100% killing industry | Ludhiana News

Ludhiana: In the last one year, steel manufacturers have suffered a big blow due to uncontrollable rise in the rates of steel. According to them, there has been 20 to 100% increase in the rates of different types of steel products since July 2020, despite a huge fall in the demand for steel.
Maninder Pal Guliani, president of Ludhiana Beopar Mandal, said, “Because of the huge increase in the rate of steel raw material of different types, not only manufacturers of engineering goods but also small-time steel traders have been destroyed. The situation is such that the minimum hike is of 20% while there are certain items that have witnessed increase of even 100%. This month, the rate of HR coil is between Rs 70,000 and Rs 72,000 per tonne, which last year in July was about Rs 36,000. Similarly, the rate of wire rod is currently Rs 55,000 per tonne, which was Rs 39,000 in July 2020. Rate of TMT bars has shot up from Rs 42,000 per tonne to Rs 56,000 and that of round bars has shot ....

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2nd wave has put industry on last legs, needs govt support: Bizmen | Ludhiana News

Ludhiana: Claiming that the second wave of coronavirus has struck them a heavy blow, local industrialists are demanding a relief package for micro, small and medium enterprises (MSME).
Cautioning that if nothing is done at the earliest by the Centre and the state governments, thousands of units in Ludhiana might shut down permanently. Businessmen are also angry with the GST council for failing to announce any rate cuts on auto parts, paints and consumer durables that have a high tax rate of 28%.
According to Jagbir Sokhi, president of Sewing Machine Development Club, “Many units in MSME sector, which was already hit badly during the first wave of coronavirus, may close down. During the first wave, the Centre took some steps like EMI moratorium, 20% emergency credit facility, among others, to bail out the industry. These measures were not enough, but the industry still managed to sail through as there was uniformity in lockdown unlike this time when every state has its ....

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Business body offers rent-free O2 concentrators to workers | Ludhiana News

Ludhiana: In a noble initiative undertaken amid the pandemic, Punjab’s biggest business association Chamber of Industrial and Commercial Undertakings (CICU) on Sunday announced rent-free oxygen concentrator service, in which first preference will be given to workers and employees of their member factories.
The needy can contact on CICU’s helpline number 8872899992 for availing this service, which has been started with 30 concentrators and the number will be increased in the coming days.
Upkar Singh Ahuja, CICU president, said, “The government and the administration are doing their best to counter the deadly wave of coronavirus and it is the need of the hour that everyone who can provide any type of help should come forward. Due to the huge spurt in demand for oxygen and difficulties being faced by the patients requiring it at home, we have started this initiative, under which staff of our member factories will be provided oxygen concentrators for temporary use and ....

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