Industrial sector facing severe financial crunch in J&K: ASTI

ASTI president, Harvinder Singh addressing press conference in Jammu on Sunday. —Excelsior/ Rakesh
ASTI president, Harvinder Singh addressing press conference in Jammu on Sunday. —Excelsior/ Rakesh

Excelsior Correspondent
JAMMU, Sept 15: Association of Small and Tiny Industries (ASTI), Jammu Province has urged upon the Government to provide some relaxation to the Micro Industry in the State as the entire Industrial sector in the State was facing serious financial crunch.
Talking to media persons here today, president of the Association Harvinder Singh pointed out that after the abrogation of Article 370, the situation prevailing in the State is not healthy for the Industrial sector in the State. There remained disruption in the supply of Industrial goods to Kashmir valley since August 5. Due to suspension of Internet and phone connectivity, there was no contacts with buyers and other traders in Kashmir.
Singh said due to stoppage of transport facilities also the supplies could not be made for many days. Huge quantity of stocks piled up with the Industrial units here. With this disruption and non-contact with Kashmir, the unit holders exhausted their working capital and now they are facing massive financial crunch.
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Singh demanded that Government must come to the rescue of the Small Scale Industry as the fear of uncertainty prevailing in the minds of the unit holders here. They are facing acute financial crisis and their units are at the verge of closure. He urged upon the Governor’s Administration to provide some sort of relief to them.
The ASTI further demanded to waive off Bank Interest on Term loan and cash credit facilities for at least one year and extend the credit facility of working capital by 50% over and above the present sanctioned limit. All the accounts of Micro industry should be treated as standard accounts and no account should be declared as NPA and relaxation should be extended in respect of NPA norms as well. Soft loans should be provided to the small scale units and pending power bills for the month of July, August and September should be deferred.
Vice president Ajay Jagotra, general secretary Darshan Lal and secretary Raminder Pal Singh also accompanied the president.


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