LUDHIANA: City businessmen have hailed the Punjab cabinet's decision to slash rate of power to Rs 5 per unit from November 1. Welcoming the decision taken by government recently, city inc is of the view that flat rate of electricity will help industry to compete with neighbouring states where cost of production is less as compared to Punjab owing to cheap labour and electricity.According to Harish Dua , president of Knitwear and Apparel Exporters Organisation , “This is a very welcome step by the state government and it proves that only Congress government understands the pain of businessmen. We are currently paying Rs. 7.50 to Rs. 9 for every unit of electricity according to the type of connection and reduction of per unit rate to Rs. 5 will work wonders for us by cutting the cost of production significantly” Dua also added, “Already our businesses are in turmoil due to ill planned demonetization and GST by the union government and reduction of electricity rates at this point of time is going to help us wipe off our losses somewhat”Speaking to TOI, Abhinav Sehgal, member of Ludhiana Business Forums said, “We are thankful to Captain Amarinder Singh for giving us this relief. It will help our industry to compete with the industry of neighbouring states who have an edge over us in terms of cost of production due to cheap availability of labour, electricity and less taxes”