E-Paper
CICU, Ludhiana, condemns hike in repo rate by RBI
In a letter written to Union finance minister Nirmala Sitharaman, CICU, Ludhiana, urged the government and RBI to roll back the decision or reduce the policy repo rate
The Chamber of Industrial and Commercial Undertakings (CICU) has condemned the move of Reserve Bank of India (RBI) to increase the repo rate by 50 basic points (bps), stating that it will increase the rate of interest on loans for MSME sector.
In a letter written to Union finance minister Nirmala Sitharaman, the industrial association urged the government and RBI to roll back the decision or reduce the policy repo rate.
The industrialists said 95 per cent of the two wheelers, cars, commercial vehicles etc are purchased by consumers on loans and an increase in the rate of interest would have a negative impact on the demand of the products.
CICU president Upkar Singh Ahuja said the market is already witnessing a slump and this move will further reduce the profitability of the MSME sector, which is already struggling to make ends meet, as this sector is largely dependent on finances from banks and other financial institutes.
The CICU members said rather than reducing the demand by increasing the repo rate, the government should make efforts to expand supply to reduce the prices of products.
More news in brief
Photo exhibition on nature held at PAU
Under the aegis of directorate of students’ welfare, two days’ World Environment Day celebrations kicked off at Punjab Agricultural University (PAU) on Wednesday. A photography exhibition on nature was put up by a well-known photo artist Sardar Janmeja Johl. The eye-catching pictures of scenic beauty of Leh Ladakh, and other parts of India and Punjab have been captured by the artist. Besides photography, poster making competition was also held wherein students from constituent colleges of PAU displayed their skills. Jaswinder Kaur Brar, coordinator, cultural activities, said a cartooning competition and lecture on environment by an expert will be held on the second day of the event.
Dist admn hands over loan sanction letters to 161 beneficiaries
Presiding over an event at Punjab Trade Centre on Wednesday, held to mark the ongoing celebrations under Azadi Ka Amrit Mahotsav, assistant commissioner of police (general) Kanwarjeet Singh symbolically handed over loan sanctions letters to 25 youths to start their own enterprise. Sanction letters were handed over to as many as 161 eligible beneficiaries with loan amount worth ₹12.70-crore. These loans have been sanctioned by different banks under the various schemes to provide financial aid to unemployed youngsters to start their own businesses, the ACP said, adding that the banks must play a proactive role in opening new vistas of self-employment for skilled persons by extending loan benefits so that they can earn livelihood and live life with dignity and pride.
MC snaps sewer connections of 10 quarters
The municipal corporation (MC) on Wednesday snapped illegal sewer connections of ten labour quarters in Dhandari Khurd and New Subhash Nagar area, falling under Zone-B of MC. The team also recovered ₹2.5 lakh from other defaulters who chose to pay the regularisation fee on the spot. Till now, the MC has snapped around 50 illegal sewer connections of labour quarters in different areas.
MC confiscates machinery to stop illegal installation of submersible pump
The MC team confiscated machinery which was being used to install an illegal submersible pump near Malhi chowk in ward number 29 on Wednesday. Also, the team disconnected an illegal sewer connection of a colony near Fauji chowk in the same ward. The building branch of the MC also removed shutters, which were illegally being installed at the basement of an under-construction commercial building in Kochar market area.
Gogi meets interns protesting at GADVASU
The Aam Aadmi Party (AAP) MLA (Ludhiana West) Gurpreet Bassi Gogi visited Guru Angad Dev Veterinary and Animal Sciences University (GADVASU) to meet the interns who are on strike, demanding hike in stipend. The interns went on an indefinite strike from June 6. Gogi listened to the demands of the interns and said it was due to the policies of previous governments that the students were suffering and protesting in scorching heat for their rights. He assured students of arranging their meeting with cabinet minister Kuldeep Singh Dhaliwal.
