Excelsior Correspondent
JAMMU, June 9: Association of Industries, Gangyal has appealed to the Government to release financial assistance for the industrial sector of Jammu and Kashmir.
In a meeting of the Association, held under the chairmanship of its president, Virendra Jain, all the office bearers and the members urged the Government to provide immediate financial relief to the existing Industrial sector of Jammu & Kashmir, which is under severe distress caused due to recent war like situation and financial crunch.
AoI highlighted the burning issues being faced by the Micro/Small industrial sector leading to the massive production losses after the migration of skilled, semi-skilled, and unskilled industrial work force; steep rise in transportation costs of raw materials and finished goods; sharp decline in demand for finished goods and mounting bank interest on working capital and term loans.
Jain urges the Government to formulate a new package of incentives and financial assistance for the existing industrial units for their revival and survival. He suggested provision of special relief for industrial units, including 20% enhancement in working capital limit for one year under existing security with banks which helps the entrepreneurs from the financial crunch a little.
He further suggested waiver of interest on term loans and working capital till Sept 30, 2025, restructure the term- loan with the extending tenure ad reducing the interest rate and change in the repayment scheduling. He sought that NPA must be waived off for at least one year for industrial sector of J&K and insurance cover for losses due to Indo-Pak war, should be released immediately to the affected industrial sector of J&K.
Jain also suggested that minimum demand charges of electricity bills for at least six months should be waived off for a sigh of relief to the Micro/Small industrial sector of J&K.
AoI appealed to the Lt Governor, Manoj Sinha, Chief Minister Omar Abdullah, and Deputy Chief Minister, Surinder Kumar Choudhary to urgently consider these demands and extend financial relief to prevent the closure of industrial units in Jammu & Kashmir.
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