Punjab's furnace industry rejected the new industrial policy of Punjab notified by the government saying that it provided so many sops to the new industrial units leaving them in lurch.
The furnace owners alleged that the facilities in the new policy were only for the new industrial units and there was nothing for the existing units.
The decision to criticise the policy was taken after a joint meeting of the Induction Furnace Association of North India and Mandi Gobindgarh Induction Furnace Association on Friday.
Mohinder Gupta, president, Mandi Gobindgarh Induction Furnaces Association said the government should think about the existing units as well.
“Punjab steel manufacturers, particularly steel furnace plants are in huge crises, as 30% of the plants have closed down. Those who are operational have cut down their production by 50%.”
In Mandi Gobindgarh alone, around 20% furnaces are on sale and there is no buyer for them, he said adding: “The government has not offered a single sop for us.”
Representative of the steel furnace industry urges the government of Punjab to think about the steel industry of Punjab which in turn will help other engineering industries to survive.
The survival of this sector will play an important role in Punjab Industrial arena as well as the economy of the state, the industries urged.