Excelsior Correspondent
JAMMU, Aug 18: Federation of Industries (FoI) Jammu has said that Jammu industry has suffered huge financial losses in view of the Kashmir unrest and urged upon the Union and State Governments to take effective steps to improve situation.
In an emergency meeting of the Federation of Industries (FoI) held here under the chairmanship of Lalit Mahajan, the members expressed serious concern over the on going trouble in Kashmir and discussed the difficulties and losses being suffered by the industrial sector in Jammu. They said that due to unrest in Kashmir for the last over 40 days, industrialists in Jammu are also facing lot of hardships. The unit holders have been forced to curtailed their production.
Mahajan pointed out that industrial sector of Jammu is also inter-connected with Kashmir and is mainly dependent on the supplies in Valley and parts of Ladakh region. Any disturbances in the supply chain adversely affects the working of the units resulting into huge financial burden on account of wages, bank interest, power bills and other related expenses.
FoI chairman claimed that as per information received from industrial hubs of Kathua, Samba, Bari Brahmana, Gangyal and Udhampur, the unit holders have suffered over all losses worth Rs 500 crores in last 40 days. The working capital limits of industrial units has been blocked due to non-movement of finished goods and non-receipt of payments of the goods already supplied there prior to July 8, 2016.
The FoI Jammu urged upon the Chief Minister, Finance Minister and Industries Minister to wave off the interest on working capital for six months of the banks and power bills and deferment of term loan installments for six months. Several office bearers of FoI and prominent industrialists including Rajesh Jain, Vijay Aggarwal, Ramesh Badyal and Ajit Bawa attended the meeting.
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