Small businesses even in far-flung areas of the country are falling victims to global financial turmoil as hand tool makershere-avitalcloginthe local economy-are forced to drastically cut prices and retrench workers following a slump in demand from Europe andAmerica. "Punjab is having more 10,000crorebusinessrelatedto engineering goods, and from the last three months, downfall of 25 percent to 30 percent has been registered in the production and even number of labourers have also been retrenched to cover up the losses from less production," an industry source said, adding "producers have no op-tionbut to decrease the prices of their goods".
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