Excelsior Correspondent
Srinagar, Feb 11:President Federation Chamber of Industries Kashmir (FCIK), Shahid Kamli, today said that 5 percent interest subvention by Government would provide a major relief for the business sector in J&K.
Kamli hoped that the Lieutenant Governor would continue such initiative in J&K till the economy is back on track.
He expressed gratitude to LG administration for handing over a cheque of Rs 250 crore to Jammu and Kashmir Bank as the second instalment of 5% interest Subvention under Economic Package.
He said that 5% interest subvention would provide a major relief for the business sector in J&K, President Kamli hoped that the LG administration would continue the initiative in J&K till the economy is back on track.
The FCIK president said that they would support the Government in guiding the aspiring youth which the Government had identified to become entrepreneurs under the Back to Village and My Town My Pride programmes.
However, President Kamli sought the intervention of the LG in addressing the issues of unitholders with financial lending institutions.
“Those unitholders who are tired and unviable may be given exit route by way of OTS and the unitholders who still want to sail through even after distressed times over the years may be restructured and given ample working capital to restart their business immediately as the working season has started after COVID and harsh winters slowdown,” Kamli said.
The FCIK President seeks intervention of LG Sinha to compensate the business community for the losses suffered after August 5, 2019, and extending provision of benefits of industrial policy to the existing unitholders.
President Kamli asked the LG Manoj Sinha and Chief Secretary to allow the existing industry to be a part of the recently announced Industrial Package so that they unitholders can revive their units which are ailing since 2009.
FCIK also demands release of due payments from Govt Departments which they owe to the unit holders so that capital flow will help industries to run smoothly, Kamli said in a statement.
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