Ludhiana, Oct. 27 -- Expressing concern over mounting financial constraints, the Federation of Industrial and Commercial Organisation (FICO) has urged Punjab chief minister Bhagwant Mann to ensure the early release of pending Goods and Services Tax (GST) and Value Added Tax (VAT) refunds, adding that prolonged delays are squeezing working capital for micro, small, and medium enterprises (MSMEs).

Ludhiana stands as the largest city and primary industrial hub of Punjab, India, often called the "Manchester of India" or "Manchester of Punjab." It acts as a major economic powerhouse in northern India, supporting thousands of small, medium, and large-scale manufacturing enterprises.

FICO president Gurmeet Singh Kular and general secretary Man...