Firozabad Bangle Industry Loses Glitter Under Lockdown

by GoNews Desk 2 weeks ago Views 1151
Firozabad Bangle Industry Loses Glitter Under Lock
Small and medium enterprises in the country have borne the brunt of the lockdown and many have been decimated. 

A similar condition prevails in Uttar Pradesh’s Firozabad too, which has bangle factories.

Also Read: Hot 'Corona Connected' Stocks

Bangles in large quantities used to be made during the festive season in these factories but they are shut.

Due to the lockdown, there are no Eid ‘bazaars’ (markets) and no demand for the bangles from the markets and so, thousands of labourers employed in Firozabad’s bangle factories are now out of work.

Firozabad is currently in the Red Zone and it is not easy to re-start factories here. 

Rahul Mittal, a trader, said that the export of bangles has stopped completely, previous orders have been cancelled and no new orders are coming in. He said that the lockdown has nearly wiped out this industry and it is difficult to get it back up on its feet without help from the Central or state government.

Another trader Akshay Deep Singh said that earlier, only 2% tax had to be paid on the raw material used to make bangles but now, 18% GST has been levied. This challenge was already present and now, the lockdown has added to traders’ problems, he added.

Businesspersons have warned that if they do not get interest-free loans and the tax on raw material is not reduced, then it will be very difficult for this industry to get back on track. 

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