With the industry facing heat because of massive drop in demand for industrial products due to coronavirus scare, industry representatives in the state on Saturday sought relief in the shape of deferment of payment of the goods and services tax, cut in bank interest rate and immediate release of tax refund to stay afloat in the time of crisis.
Hit hard because of tepid demand, the industry also sought from the Punjab government to defer the payment of electricity bills, property tax and other statutory dues for at least two months.
Punjab's almost all industrial verticals be it bicycle, garment, auto parts, hand tools, etc have been hit because of sharp drop in demand for products, industry said.
"Almost all the industries in Punjab have been hit because of shrinking demand caused by coronavirus," said Upkar Singh, President of the Chamber of Industrial and Commercial Undertaking, on Saturday.
Factories especially in Ludhiana have even slowed down their production capacities in view of the drop in demand.
"There is no customer for bicycles in the market. Everybody is busy buying sanitisers or ration," said a prominent bicycle maker in Ludhiana and said there was a whopping 50 per cent drop in sales
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