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LATEST NEWS UPDATES | Amid Ukraine crisis, Punjab exporters stare at Rs.500-crore losses -Aneesha Sareen Kumar

Amid Ukraine crisis, Punjab exporters stare at Rs.500-crore losses -Aneesha Sareen Kumar

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published Published on Mar 1, 2022   modified Modified on Mar 4, 2022

-Hindustan Times

Russia-Ukraine war has hit the industry badly with several exporters across the state staring at losses in crores. Exporters in Punjab are staring at nearly Rs. 500-crore losses due to delayed payments

Ludhiana: The Russia-Ukraine war has hit the industry badly with several exporters across the state staring at losses in crores. Not only are huge consignments of goods such as hosiery items, bicycle parts, tyres and rice stranded at dry ports, industrialists who received the letter of credit from their buyers in Russia and Ukraine have no option but to wait for payments for an unknown period with the risk of suffering huge losses. Moreover, a number of consignments are stuck midway.

Exporters in Punjab are staring at nearly Rs.500-crore losses due to delayed payments and other factors arising from the ongoing war in Ukraine, said Badish Jindal, president, All-India Trade Forum (AITF). A number of bicycle parts manufacturers in Ludhiana have been exporting tyres, coaster brakes, pedals, rims to clients in Ukraine. Also, Russia has been buying tyres from a number of manufacturers here.

Harsimarjit Singh Lucky, managing director of ‘Lucky Exports’ in Ludhiana, which exports key bicycle components to Ukraine, said about four of his consignments worth Rs.3.5 lakh dollars are stranded in transit near Turkey. “We have no other option but to wait and watch. It is not only my money but my client’s money also,” he said.

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Hindustan Times, 1 March, 2022, https://www.hindustantimes.com/cities/chandigarh-news/amid-ukraine-crisis-punjab-exporters-stare-at-500-crore-losses-101646080180186.html?fbclid=IwAR0WO0hlsDJy9D1k705OEho5SzreVjo6FLMgyjZ9GR1LugcSIDn5C1yrJio


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