LUDHIANA, 9, (SUKHPREET SINGH) : Industrialists of different sectors are calling the day of November 8, 2016 as a black day for the nation as one year has been passed with the effect of demonetization, situation of business has gone more worsen.
Terming a November 8 a day which they would not able to forget in their whole life as whole market has been disturbed and still its repercussions are showing. After the demonetization, people are calling GST as a factor which has damaged and ruin the different industries.Daily Post has talked with different representatives of different industries who have emphasized against these steps taken by the centre government and talked about the after effects which the industry is suffering. Earlier, Ludhiana is termed as Manchester of India but it has lost its sheen with the effect of demonetization and GST.
Badish Jindal, president of federation of Punjab small industries associations said, “More than 50 percent damage to the industry as no recovery has been done in past one year. Government is having fake data as no growth has been done so far. Moreover, with the effect of demonetisation and other factors including GST has slow down the industry and people have satisfied themselves with this growth as there is no alternative to this.Vinod Thapar president of knitwear and textile club said, “Ludhiana industry is already facing huge losses and demonetization problem had made the problem for the industrialist as huge investment is made in business but no return is getting as huge money is blocked. The tension created in Jammu valley has affected the industry in large few months back”.
“Woolen industry is already facing crisis due to turmoil in Kashmir and demonetization, where a significant part of our goods are sold. Now after the government scrapped `500 and 1,000 currency notes, we would suffer the most as transactions take place mostly in cash and rest of the business goes down after the effect of GST,” said Vinod Thapar, chairman of Knitwear Club.Jaswinder Singh Thukral, president of Janta Nagar Small Scale Manufacturers Association said, “Unemployment is increasing with the effect of demonetisation and GST, labourers have turned back to villages and situation has worsen more than earlier as no orders are coming people are still confused and not able to run their business properly”.
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