Global meltdown: State feels the heat

The government said Punjab’s annual export figure earlier stood at Rs 6,000 crore. The industries which have been badly hit include light engineering,auto component manufacturers and textile,yarn,knitwear,hosiery sectors,sports goods and leather units.

Presenting the case for the revival of the industry,agriculture and infrastructure,the state officials stated that as textile was the worst-affected,the 3 per cent duty benefit that the exports were given should be increased to 5 per cent,banks should be instructed to give more working capital and NPA norms should be relaxed.

In agriculture,the state government has demanded that the Minimum Support Price of wheat should be increased,as yield is expected to be less this season due to the hot weather.

Besides,the limit on export of basmati should be lifted.

The state demanded that in the power sector,coal linkages should be provided for Punjab in the coming Twelfth Five Year Plan.

The PHD Chamber of Commerce Vice-Chairman R S Sachdeva,meanwhile, said: “The Union government announced two packages to bring the industry out of the red. These include excise and import duty cut and liberal financing by banks,besides a cut in the CRR. But till date,the industrialists have not received any of these benefits,which have remained only on paper.”

“The earlier export orders have been put on hold and no new orders have come. From three shifts,now industrialists are working only in one shift. Some 10 per cent workforce has lost jobs. The worst-hit are textile and auto sectors,” he said.

Sachdeva added,“To make things worse,the state government is not providing uninterrupted power to the industry; there has been a 32 per cent cut in the supply.”