Industry body puts losses to 250 crore post demonetisation

19 December 2016

In last over one month, the Punjab government and the Centre has lost revenue to the tune of Rs 250 crore due to losses being faced by the industries in the state as a result of demonetisation, claimed representatives of the North India Induction Furnace Association of North India and Ludhiana Steel Rolling Mills Association.

The members on Monday held a meeting in the city to seek support for protest being held against demonetisation on December 16. They said that conditions for the industry sector had deteriorated in the state and had gone from bad to worse as a result of the cash crunch.

Members of the Induction Furnace Association Of North India said they would fully support and participate in dharna organized by all industry and trade unions that would be held at Vishwakarma Chowk against the decision of demonetization of RS 500 and Rs 1,000 notes by Prime Minister Narendra Modi.

They added that the decision had totally destroyed steel furnace industry, which was now on the verge of closure. As a result, about 5 lakh workers employed in this sector were now left jobless. They further stated that the steel sector was already facing difficulties in doing business due to wrong policies of the government and with this decisions, demand of steel has dropped drastically and small sectors like mini transporters, small junk dealers and small steel traders have been left without work.

“People have no cash to purchase daily need goods. Besides engineering and cycle industry has also been affected with this closure as a ripple effect,” they added.

In the meeting, Ludhiana steel rollers association president Amarjeet Singh Bedi and general secretary Inderjit Singh formally announced their support to the anti-demonetisation protest.

Source – TOI