New Delhi, Dec 2 (KNN) Despite the Punjab State Electricity Regulatory Commission (PSERC) decision of implementation of new electricity tariff retrospectively, with no notification of the implementation of the revised tariff, the industry comprising of a fair share of Micro, Small and Medium Enterprises (MSMEs) is under stress situations, Chamber of Industrial and Commercial Undertakings (CICU) informed.

Talking to KNN, Upkar Singh Ahuja, General Secretary of Chamber of Industrial and Commercial Undertakings (CICU) said that the govt earlier committed that tariff rate would be reduced from November 1 but there had been no notification from the government side so far.

This has increased uncertainties and chaos in the market.

He added that industry had already been ailing in the state and this decision would add to the woes of different sector including the highly energy dependent sector like steel furnace industry as well as basic industry such as bicycle component manufacturing units.

The government should address the matter immediately and power tariff should be maintained at 5 rupees per unit as committed, Ahuja added.

Earlier Induction Furnace Association in a press statement said that the tariff has been increased by 9.33 percent and the decision of implementing it retrospectively would shatter the steel furnace industry completely.

Due to which over 50 per cent units have already been shut down due to non-viability in the state and with this decision each steel furnace would suffer loss of Rs 80 lakh.

Induction Furnace Association also met Power Minister of Punjab Rana Gurjit Singh and Finance Minister Manpreet Singh Badal and urged them to consider the plea of steel manufacturers who are facing huge losses in the state. (KNN/AG)