Fastener Manufacturers Association of India Participated in a Protest in Ludhiana Held by Industry Bodies

Following the demonetisation of the old high-value notes, representatives of nearly thirty associations vented their anger against the Centre government by a staging protest in Ludhiana. Industry representatives pointed out that due to demonetisation all prominent trade and industry sectors have been badly hit and are suffering huge losses.

“Steel traders hardest hit”

“Small steel traders and furnace industry have been hit hardest. People have no cash to purchase their daily goods. We are protesting to express our resentment against the poor implementation of demonetisation scheme,” said Mr. Narinder Bhamra, president of Fastener Manufacturers Association of India.

Mr. Bhamra said since, November 8, when demonetisation was announced - the Centre government have lost an estimated revenue by Rs.1000 crore till now.

Prominent associations which participated in the protest included Fastener Manufacturers Association of India. Forum of Industries and Trade, Punjab, the Industry federation-Jallandhar, Knitwear Club, Shawl Club, Ludhiana Machine Tools Association, Moti Nagar United Factory Association among many others.