Industry And Cluster | News & Insights

Local Industries seek special package for revival of business in state.

Published: February 24, 2021
Author: Manali bhanushali

The local industries have sought a special package for revival of business as hike in fuel cost and raw material like all varieties of yarn has increased their investment after the Covid-19 induced economic crisis.

Post-lockdown the price of basic material for the textile sector like polyster, viscose, woollen yarn and others have escalated 20 to 30 per cent. Thus, increasing the investment cost of the textile whose different varieties like warp knitting, shawl, tweed, blazer, suiting shirting and fabric for women apparels are manufactured here. The collective annual turnover of these textile merchandises here run in thousands of crores. For instance, warp knitting, which used to record an annual turnover of around Rs2,000 crore, has been waiting for the full scale resumption of the fashion industry to gain its previous sales.

Piara Lal Seth, president of the Punjab Pradesh Beopar Mandal (PPBM), said: “The government must allocate Rs2,500 crore for the industry in the budget, freeze electricity tariff at Rs5 per unit, expansion of already operational northern railway workshop here, endeavour to set up a mega industry and other to bolster economic activity. Besides, there is a need to upgrade courses and technology in textile-related ITIs. So a concerted approach is required to lift the Industry’s sagging morale.”

Hospitality, which became the financial backbone of the holy city, is keenly awaiting that flow of customers which used to be visible before the Covid-19 lockdown to regain its foothold. Then, it will be in a position to re-employ those staff members, who had been retrenched after the Covid-19 lockdown, observes Satnam Singh, a hotelier.

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