Slump in demand forces Ludhiana furnace industry to seek temporary relief in power cost

Ludhiana, Apr 18 (KNN) The Ludhiana based furnace industry that is facing a sudden slump in the market and rising cost of raw material is urging the state government to reduce rates of power temporarily.

According to industrialists, the industry has cut down production from this week. The overtime in factories has also been stopped and there will be only eight-hour shifts till further notice, reported TOI.

Jagbir Singh Sokhi, chairman, Furnace and Allied Industries Association, said, “The rising cost of raw material has come at a time when we cannot hike rates for our customers. Therefore it was better to cut production and carry out only minimum activity in factories to retain workers.”

“As per our market study, the slump will continue for one to two months. The next few days will be very difficult for us,” he said.

Sokhi also urged the state government to consider reducing rates of power for the furnace industry to help industrialists tide over the crisis. “We request chief minister Bhagwant Singh Mann to consider reducing rates of power for industry on temporary basis,” he added.  (KNN Bureau)