BENGALURU: All the 6.50 lakh industries of the state, except pharmaceuticals, dairy, FMCG and essential transport, will be shut down till March 31.
A decision to this effect was taken at a meeting attended by the heads of the Federation of Karnataka Chambers of Commerce and Industries (FKCCI), Peenya Industries Association and the Karnataka Small Scale Industries Association (Kassia) here on Monday.
FKCCI president C R Janardhana said, “No one’s salary should be cut. I have estimated that the daily GST loss to state and central governments would be around Rs 495 crore. This (the shutdown) will mean a loss of around Rs 3,500 crore on a weekly basis. We are trying to understand how the losses can be recovered gradually like asking employees to part with their compensatory leave or work on weekends. We are also requesting banks and other financial institutions to allow deferred loan repayments.”