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Time of India
30-06-2025
- Business
- Time of India
Harassment by banks pushing many to suicide: MSME Forum to CM
Ludhiana: In a letter to chief minister Bhagwant Mann, the World MSME Forum has expressed grave concern about the increasing number of suicides among businesspersons. The forum has blamed harassment by banks and financial institutions for such cases. Suicide by an elderly couple, who took the extreme step in the wake of threats by recovery agents of a private bank, pushed the issue to the forefront. In a letter dated June 27, World MSME Forum president Badish Jindal said that Jasvir Singh and his wife Kuldeep Kaur committed suicide after being harassed over a missed loan instalment. The couple left a suicide note accusing a private bank of deploying goons to intimidate them, which ultimately led to their decision. Jindal stated, "This is not the first case of such a tragedy in Punjab. Several business owners have previously died by suicide under similar pressure from banks and financial institutions. Despite the legal provisions under the SARFAESI Act, banks continue to employ musclemen to recover dues, often threatening or publicly humiliating borrowers." The Forum pointed out that despite courts prohibiting banks from using goons for loan recovery, the practice remained widespread. "Private and even a few govt banks rely on illegal recovery methods to intimidate borrowers," Jindal added. As per statistics cited in the letter, 6,398 businesspersons committed suicide across the country in 2021 due to loan repayment issues, a number that rose to 7,008 in 2022. While the National Crime Records Bureau (NCRB) has not released data for 2023, the Forum estimates that such suicides continue to increase. "The trend of businesspersons ending their lives due to harassment from financial institutions is extremely disturbing," Jindal remarked. The World MSME Forum has called on the Punjab govt to take immediate action against banks employing unauthorised recovery agents. "Such goondaism should not be tolerated under any circumstances," the letter stressed, advocating blacklisting of institutions involved in such activities and a review of their licenses. Jindal connected the issue with the broader law and order challenges in Punjab, stating, "The Punjab government has taken commendable steps to eliminate gangsters in the state. These recovery agents are also part of this gangster system. They operate as an extension of the gangster ecosystem. The state must act swiftly to dismantle this system as well."
Time of India
17-06-2025
- Business
- Time of India
Ludhiana's industry backs AAP candidate Sanjeev Arora, hailing his role in solving long-pending issues.
Ludhiana: As the Ludhiana West by-election campaign intensifies, (AAP) candidate Sanjeev Arora has received a significant boost from the city's industrial community, with major trade associations and industry leaders throwing their weight behind the businessman-turned-politician. Tired of too many ads? go ad free now Industry voices say Arora's deep familiarity with the manufacturing sector and his role in addressing long-standing policy issues have earned him wide respect across Ludhiana's business corridors. "There is very little representation of industry in government, and Arora is one of our own," said Badish Jindal, president of the World MSME Forum. He credited Arora with resolving key issues such as the one-time settlement (OTS) scheme for Punjab Small Industries and Export Corporation (PSIEC) focal points, VAT refunds, and reducing the approval time for setting up new industries to 45 days. Narinder Bhamra, president of the Fasteners Manufacturers Association of India, highlighted Arora's effectiveness in representing industrial interests. "This is a democracy, but industry overwhelmingly supports Arora because of his clarity and commitment," Bhamra said. "Alongside Punjab industry minister, Tarunpreet Singh Sond, he advocated for us in ways we hadn't seen before." Vinod Thapar, chairman of the Knitwear Club, hailed Arora as a bridge between business and politics. "The OTS of PSIEC focal points had been stuck for 28 years. Governments came and went, but it took Arora to resolve it. That speaks volumes," he said. Rahul Ahuja, former chairman of CII Punjab and convener of the Apex Chamber of Commerce, praised Arora's track record on power sector issues and infrastructure bottlenecks. "His passion for resolving industrial concerns is matched by the industry's passion for supporting him," Ahuja said. The endorsements come at a crucial time for Arora, as Ludhiana's bypoll race tightens, with industry solidarity emerging as a potential game-changer.
Hindustan Times
10-05-2025
- Business
- Hindustan Times
Ludhiana: Nothing to panic, says admn as migrants flock to native places
Amid the growing tension between India and Pakistan following the Pahalgam terror attack and India's retaliatory action, panic has gripped the industrial hub of Ludhiana as thousands of migrant labourers have begun leaving the city in haste for their native villages in Bihar and Uttar Pradesh. Deputy commissioner (DC) Himanshu Jain has issued a video message, urging labourers to stay calm and avoid unnecessary travel. Long queues of labourers were seen at Ludhiana and Dhandari railway stations and bus stands on Friday, with packed trains and buses carrying anxious workers back home. Many of them cited family pressure and uncertainty about the geopolitical situation as reasons for their hurried departure. According to industrialists, the situation could worsen in the coming days, as more workers are expected to leave after applying and receiving advance payments from their employers. The exodus has sparked serious concerns for the manufacturing sector, which heavily relies on skilled migrant labours. Badish Jindal, president of the World MSME Forum, said, 'Around 30% of the migrant labourers had gone back in April for farming and family weddings. They were expected to return by early May, but due to the current situation, many are now hesitant to come back.' He stated that after availing 'advance pay' on May 10, more workers would leave Ludhiana, which will further cripple production and logistics across industries. 'Skilled workers, especially in production and transport, are crucial to our operations. Their sudden departure will directly impact business continuity,' he said. Mukesh Kumar, a worker heading back to Bihar, said, 'My family is worried about my safety and has been asking me to return home until the situation becomes normal. No one wants to take chances.' Echoing the concern, Sanju Dhir, chairman of the Ludhiana Woolen Manufacturers Association, said, 'Every year, some labourers go back for family functions, but this time the number has spiked sharply due to fear and uncertainty. We may see a labour shortage if the situation does not stabilise soon.' Meanwhile, DC Himanshu Jain said, 'There is no need to panic. The situation in Ludhiana is peaceful and completely under control. The district administration is fully prepared to assist both workers and business owners during this time.' He further informed that a 24x7 control room has been set up to address any query or emergency. Residents can contact the helpline numbers 0161-2403100 or dial 112 for assistance.
