The nightmare of global economic downturn has knocked at the doors of industries in Belgaum. Recession has taken away lively hood of many people and even a few have closed down their establishments.
Around 1500 small and large industries have shut shop and many working in there have fled Belgaum. The future looks gloomy for the industrial scenario in Belgaum.
The government must reduce the interest rates loans. And since repayment of loans has become extremely difficult, it should even waive-off the dues of the industrialists.
Mainly the machine shops in Belgaum supply to automobile industries and the auto industry is also not doing well. Even after the excise cut for automobiles only footfalls into showrooms have increased, I heard on a news channel. So until the auto industry kicks of hard Belgaum will keep facing tough times ahead.
Source: ExpressBuzz
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