Adityapur units hope for turnaround in 2021 after bleak biz for 2 years

 Hit by the automobile slowdown in 2019 and the pandemic, in 2020, Small and Medium Enterprises (SMEs) of the Adityapur industrial area are hoping for a revival in 2021.

“The two back to back incidents hit the SME sector, but September onwards there is a visible improvement and we are hoping for good business in 2021,” said president of Adityapur Small Industries Association Inder Agarwal.

Agarwal also said the demand in the auto sector has improved reasonably, but at the same time, material cost has increased. “I would urge the state government to pace up the implementation of the policies for the industrial sector to help entrepreneurs take advantage of them in order to revive soon,” he said.

Vice-president of Singhbhum Chamber of Commerce and Industry Bharat Vasani said close to 80% of the over one lakh workforce has returned to their workplaces at the 1,000 plus factories in Adityapur in the last three months.

“We are expecting demand in the automobile sector to increase in the coming year so that the condition of the ancillary units improves swiftly,” Bharat said. He also said that ancillary units suffered financial problems hugely during the slowdown and subsequently during the lockdown.

Entrepreneur Santosh Khetan said the SME sector is on the verge of coming out of the crisis period and if the state government extends support, then industries will accomplish the task ahead of time. “We have no new demand from the government. All we require is timely implementation of the policies announced by the industry department,” Khetan said.

“Government claims to be industry-friendly, but the priority seems to be only on agriculture and its related activities and farmers,” owner of an ancillary unit said requesting anonymity.

In the wake of soaring steel prices, SMEs are also expecting the Central government to take some corrective measures to rein in the price hike.