CICU Ludhiana launches committee to tackle delayed payments and boost industry growth

Ludhiana, October 11, 2024: The Chamber of Industrial & Commercial Undertakings (CICU) is proud to announce the establishment of the Committee for Delayed Payment Streamline. This initiative is designed to address the pressing issue of delayed payments in the industry, thereby fostering a more efficient and sustainable business environment.
 
Understanding the significance of timely payments, CICU recognizes that they are essential for nurturing strong business relationships and ensuring smooth enterprise operations. The committee comprises notable members including Ashwani Goyal, Honey Sethi, Sanjay Dhiman, Gautam Malhotra, Akash Bassi, Rupak Sood, Ravi Mahajan, and Rakesh Narula. Together, they will develop strategies and best practices aimed at benefiting the entire business community in Ludhiana and beyond.
 
"CICU is dedicated to promoting prompt payments and financial stability within the industry," stated Upkar Singh, President of CICU. "By collaborating effectively, we can enhance the business landscape of Ludhiana, ensuring that companies can thrive without the burden of payment delays."
 
The Committee's primary objectives include:
•    Identifying and addressing the root causes of delayed payments across various sectors.
•    Developing tailored industry-specific solutions that cater to the unique challenges faced by different businesses.
•    Promoting best practices for timely payments, ensuring all stakeholders are aware of their responsibilities.
•    Facilitating open communication among stakeholders, including suppliers, manufacturers, and financial institutions, to create a cohesive approach to payment issues.
 
This initiative marks a significant step forward in strengthening the industrial framework of Ludhiana, ultimately contributing to the region's economic growth and sustainability.