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FOIJ flays DIPP for non- release of Rs 60 cr

Excelsior Correspondent
JAMMU, Jan 29:  Federation of Industries Jammu has criticized the  Department of Industrial Policy & Promotion (DIPP),  Govt of India for non- releasing Rs 60 crore against sanctioned Incentives of  Industrial sector.
In a  meeting of the Federation of  Industries Jammu held here today under the chairmanship of  Lalit Mahajan, Chairman FOIJ, in presence of  Rajesh Jain,  Jitender Aul, Vijay Aggarwal, Romesh Badyal, Ajit Bawa (Co-chairman), SB Abrol, secretary general,  Ajay Langer, convener, the members projected the issue regarding the non releasing Rs 60 crore against sanctioned incentives of  Industrial sector by Department of Industrial Policy & Promotion (DIPP), Govt of India pending since 2015.
During the course of discussion, members present in the meeting raised their serious concern in respect of blockage of huge amount of Industrial units in respect of sanctioned claims of Capital Investment Subsidy, Interest Subsidy & Insurance Subsidy. Due to non-release of funds the unit holders are facing serious problems as they are not able to clear the installments of  Term Loans, Blockage of Working Capital Limit & piling up of huge amount of Interest accumulated. They apprehended  that the majority of the accounts may be turn into NPA in coming days  & the unit holder have no option but to close down their units resulting retrenchment of the work force.
They appealed the Chief Minister, Mehbooba Mufti and Industries Minister Chander Parkash Ganga to take up the matter with the Minister with the Union Govt  for the release of funds against sanctioned claims immediately for the disbursement to the Industrial Units to save them from clouser.

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