Demonetisation: 50% hardware and screw industry units closed | punjab$amritsar | Hindustan Times
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Demonetisation: 50% hardware and screw industry units closed

After textile and processing industry, the hardware and screw manufacturing industry has also been affected with demonetisation. The members of the concerned associations claimed that 50% of their units have been closed and trade is incurring huge losses due to the cash crunch.

punjab Updated: Dec 20, 2016 17:18 IST
HT Correspondent
Representative of hardware and screw manufacturing associations Ranjan Aggarwal addressing a press conference in Amritsar on Monday
Representative of hardware and screw manufacturing associations Ranjan Aggarwal addressing a press conference in Amritsar on Monday(Sameer Sehgal/HT Photo)

  After textile and processing industry, the hardware and screw manufacturing industry has also been affected with demonetisation. The members of the concerned associations claimed that 50% of their units have been closed and trade is incurring huge losses due to the cash crunch.

A press conference was held on Monday in which, representatives of associations including All India Screw Manufacturing and Suppliers Association, Amritsar Hardware Suppliers Association participated.

“The demonetisation has pushed the industrialists as well as traders of this field in such a state that they are struggling even for survival and are not able to save their businesses,” said Ranjan Aggarwal, representative of the associations.

He said, “There are around 1,200 units in the city of this industry that provides employment to around 70,000 people. We are unable to pay the workers and have been forced to close 50% units. The work in the remaining 50% is also going unstable. The workers have been sent on leaves.”

Paramjit Singh Buttar, a member of Amritsar Hardware Suppliers Association said, “This is a worrisome state for the overall economy of Amritsar which has already got hit by the army’s surgical strike and came down to 30th rank in trade and industry. If such a situation continues, industrialists as well as traders will have to beg for jobs on the streets.”

Upset traders warned that they would move to streets to protest against the government if proper measures are not taken to bring normalcy.