FCIK Appeals PM To Rejuvenate Ailing industry In J&K

Srinagar: Ahead of Prime Minister's visit to Kashmir, the Federation of Chambers of Industries Kashmir (FCIK) has called for his attention to the ailing industrial sector in Jammu and Kashmir, appealing for a revival through a proposed triple-therapy method, along with additional measures. This approach encompasses earmarking 25% funds from the Central Industrial Scheme for existing industries, substantial procurement of identified industrial goods from local enterprises under the Public Procurement Policy, and the establishment of a structured mechanism to facilitate hasslefree credit flow and banking services for MSMEs.

While hailing the vision of PM Modi for industrial development in Jammu and Kashmir with his approval for an incentive scheme of 28400 Crores in 2021, the apex chamber said that booking of expenditure under the scheme would take place only after setting up of new enterprises on ground which was likely to take some time owing infrastructural constraints though the UT government was putting in hard efforts for the same.

FCIK has solicited approval of Prime Minister for earmarking 25% of CIDS-2021 for around 40000 existing industrial units towards their revival, rehabilitation, diversification, expansion, scaling up, modernization and upgradation. The sum earmarked could be utilized for incentives provided under the CIS besides funding the incentives provided under UT government schemes and policies including those of revival of sick units, turnover incentive, GST reimbursement etc.

The FCIK expressed confidence that upon their rejuvenation, the existing units had the potential to bounce back with renewed vigor and energy to contribute in the economic development and employment generation of J&K in consonance with the vision and efforts of Hon’ble Prime Minister.

“The new initiative would pave way for optimum capacity utilization of the existing units which doesn’t surpass even the break-even point presently” stated FCIK.

Shakeel Qalandar, former President of FCIK, expressed that it has been their stance for decades that the government should compensate for business interruptions in units. “In the case of shutdowns and curfews, we need to place the responsibility on the government as it has failed to protect the business industry from such occurrences. Why hasn’t this been addressed in recent years? What has changed? It is the will of the government that is keeping