Money woes – business news

Manish Paniwal, a 32-year-old unskilled worker employed in a ship-breaking yard at Alang in Gujarat for the past four months, is completely at sea. Wading In the first two months of arriving from Kharagpur, he managed to earn a decent sum of Rs 25,000, of which he sent Rs 22,000 to his family through friends who were going home for Diwali. Little league pitching rules However, after demonetisation, things changed dramatically. Pitch roll yaw definition For November, he was paid Rs 12,500 in old notes, of which he sent Rs 10,000 home. What is irrigation water Till January 12, when we met him, he had not got his salary for December. Wooden gate designs pictures He has no money. Lattice method for multiplication All the people from his village working in Alang have returned home. Softball names His employer is ready to help him open a salary account but his only identity proof – the voter Id card – has been damaged by rats in his shanty in Sosiya village. Wild pitch records He is surviving on food bought on credit from the local provision store; the debt is now over Rs 1,200. Slow pitch softball batting cages “I don’t know what will happen if he stops giving me things on credit. Hardscape I have become a beggar,” he says.

More than two months after the Central government withdrew Rs 500 and Rs 1,000 currency notes to control the generation of black money, disrupting economic activity across sectors, things are yet to return to normal for lakhs of people working in big industrial clusters in places as far apart as Firozabad in Uttar Pradesh and big industrial towns in Maharashtra and South Gujarat. Definition of pitch The reason: their employers, especially those that operate in unorganised and cash-dependent sectors such as textiles, retail, diamond processing and ship recycling, are finding it difficult to cope with the shortage of cash. Elevator pitch definition Only organised industry hubs for chemicals, pharmaceutical and engineering, such as Ankleswar, Vapi, Boisar and Valsad, are relatively unaffected.

As a result, most of these hubs have seen production cuts due to dwindling demand, flight of labourers to their home states and friction between managements and workers. Fastest pitch in baseball So, while production has fallen 50 per cent in textile hubs Surat and Bhiwandi, business in diamond cutting and polishing units in Surat and Navsari is down by 40 per cent, say the businessmen. Fantasy sports websites At Alang, the business is down by 20 per cent, while Firozabad, a glass ware hub, has seen production cuts of close to 40 per cent.

Though there is also hope that demonetisation and digitisation will usher in a new future for these sectors by phasing out the practice of fake invoicing and parallel registers that allowed entrepreneurs to set up several small units with less than Rs 1 crore turnover and fewer than 20 employees (to avoid giving them provident fund, or PF, and other benefits), the gains, if at all, are too far into the future to matter. Garden state parkway rest stops For now, it’s mostly doom and gloom.

Surat and Navsari account for 90 per cent global diamond cutting and polishing work. New york yankees spring training 2016 The business, worth nearly Rs 2 lakh crore, accounts for 14 per cent of the country’s foreign exchange earnings. Garden design free software The industry has about 4,500 units that support over 8.5 lakh people. Baseball games today scores It is an open secret that all deals, except for purchase of rough diamonds and sale of finished diamonds, are settled in cash.

“Demonetisation was a tsunami. Gravel driveway cost per square metre Out of my 350 workers, more than 150 left. Fantasy basketball keeper rankings Now, I am working with unskilled labourers, who may damage the fabric,” says Dharmesh C. How to pitch Kachiwala, owner of JP Kachiwala Textiles. Ncaa college baseball scores The industry estimates that four lakh workers have left.

Several factory owners are finding it tough to get cash. Uga softball roster Workers are reluctant to accept cheque as that may mean standing in a bank queue and loss of a day’s salary. Auburn softball complex Employers, too, want to pay in cash as they do not want to give employees PF and ESIC benefits.

“I tried to convince them about the benefits of PF but they said deposit it over and above the wages. Lattice energy of kcl If I do not pay a worker in cash, he will switch to a company that does so,” says Mayank Vakharia, Director, Suje Tex, a textile company.

After demonetisation, orders from other states have also dried up as people are postponing purchases. Absolute pitch “The business has gone down by half. Mutual materials Our season started with Diwali. Garden of the gods rv resort After that, there has been a big drop in orders. Diy trellis Entrepreneurs are worried about paying EMIs on loans taken to buy machinery,” says Prabhulchandra Shah, Director of the Surat Art Silk Cloth Manufacturers Association and past president of the SGCCI. Masonry supply near me Entrepreneurs in Surat and nearby industrial centres have invested more than Rs 3,000 crore in the past three years to modernise looms and machinery by taking loans under the Technology Upgradation Fund Scheme.

The situation is similar in Bhiwandi, Maharashtra’s powerloom hub that has over eight lakh power looms, which knit grey cotton fabrics, mainly for the domestic market.

Alang, the world’s largest ship recycling hub that directly employs over one lakh workers and generates revenues of close to Rs 8,000 crore every year, has only one State Bank of India branch with three employees, one ATM, and extension counters of two other banks. Tactile paving At present, over 110 yards are operational, with close to 90 ships ready to be broken down. Fantasy baseball keeper rankings But after demonetisation, a number of workers who used to cut the ships have left Alang; less than 20,000-25,000 are left, say industry executives.

“I paid them by cheque this month. Outdoor Now, nearly 90 per cent workers have bank accounts. High pitch eric dead The workers normally send cash to their homes through other workers. Landscape pictures free They are reluctant to deposit money in the bank as bank branches in their native villages are far from their homes,” says Komalkant Sharma, Managing Director of Leela Group in Bhavnagar, one of the largest ship recyclers.

Ramesh Agarwal, Secretary of the Ship Recycling Industries Association, says consumption of TMT steel has fallen steeply, resulting in low off-take of steel scrap. Patchwork “Our business has gone down by 20 per cent at a time we were looking forward to a good year for ship breaking,” he says.

The 600-odd shops in Alang that sell items from ships, from cabinets and fridges to washing machines, wear a deserted look. Usssa softball iowa “We used to get 20-30 customers a day. Alabama softball In the past two months, I have got less than 20 customers,” says a shop owner.

The Bhavnagar district collector had called a meeting of ship recyclers, banks and the Gujarat Maritime Board (GMB), which runs Alang, in the first week of January, to solve the crisis. Baseball online streaming “We are trying to open bank accounts of all workers but banks are not co-operating. Garden of eden location We are demanding that workers without ID cards be allowed to open accounts by producing GMB training certificates,” says Haresh Parmar, Joint Secretary of the Ship Recycling Industries Association. Baseball pitches Over 40 per cent migrant workers in Alang do not have proper ID proofs.