Industries lost Rs 8,750 Cr due to T strike: FAPCCI
Hyderabad, Oct 14 (INN): The Federation of Andhra Pradesh Chambers of Commerce and Industries requested the State Government to postpone the collection of power bills, VAT, excise duties and bank instalments from all industrial units for one month.
In a representation made to Chief Minister N Kiran Kumar Reddy on Friday, the FAPCII representatives claimed that the industry has already lost Rs. 8,750 crore in the last 30 days of 'Sakala Janula Samme'. The loss accounts for 2.9 percent of industry's annual production and 0.72 percent of GSDP ' a major loss to the State and its economy.
The industry representative body said that the condition was highly critical and deteriorating day by day. Demanding immediate restoration of power supply to the industry by 100 percent, the FAPCCI said that the industry should be allowed to pay the power bills one month after the due date. Till that time the power bills should be kept pending.
According to FAPCCI president VS Raju, today the industry has been getting power only for three days in a week with 4-hour power cut during the peak hours of the day. Effectively, the industry is getting power only for 40 percent of the time in a week. Therefore, it is losing 60 percent of its productive capacity.
This has serious implications for the survival and sustainability of the industry. Many MSME units have become sick and many are on the verge of sickness. Even medium and large units are running into financial problems, Raju said.
The FAPCCI has also requested that the payment of VAT be postponed by one month after the power has been restored by 100 percent. Till such time all the tax collections should kept in abeyance.
Similarly, there is also a problem to pay the excise duties and bank instalments. Therefore, the FAPCII has requested the Chief Minister to write to central government authorities to postpone the payments of taxes and similar to banks as well as to the RBI for payment of instalments by one month from the date of restoring the power to the industry by 100 percent.
News Posted: 15 October, 2011
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