Ludhiana: Industry world unhappy with hike notice

Ludhiana: Industrialists having plots leased by Punjab Small Industries & Export Corporation (PSIEC) in Focal Point are upset with the escalation notices issued by the concerned authorities. The industrialists say that when they were allotted the plots, they were not told that they will have to pay escalation charges after every few years.

Prices hike
The industrialists say that when they were allotted the plots, they were not told that they will have to pay escalation charges after every few years. President of Federation of Industrial and Commercial Organisation (FICO) Gurmeet Singh Kular said that initially it was Rs 225 per sq yard and since then the government has increased the amount 2-3 times. What is unfortunate is that they add interest and penalty to the actual amount and today it has gone up to over Rs 2200 per sq yard. We are ready to pay under the one-time settlement policy, but the government is not keen to resolve the issue.” Kular said that due to the government’s evasive attitude, around 800-1,000 industrialists have been affected as businessmen are not able to expand business, loans are not being sanctioned, they cannot change banks, etc. It is pertinent to mention here that plots were allotted to the industry by building Focal Point Phase 8 in 1996. And at that time, the government had promised to build it with all the amenities, but no such infrastructure was provided to the industry.