FOIJ for grant of financial relief to Industrial Sector of J&K
Excelsior Correspondent
JAMMU, May 15: The Federation of Industries Jammu has requested the Government to provide financial relief/ assistance to the Industrial Sector of J&K as it is suffering badly due to prevailing situation.
A meeting of the FOIJ was held today under the chairmanship of Lalit Mahajan, in the presence of Virendra Jain, Jitender Aul, SC Dutta, Ajit Bawa, Raman Jolly Co-Chairmen, Sanjay Langer, secretary general, Viraaj Malhotra, Convener and other Executive Committee Members of the Federation of Industries Jammu to discuss the uncertainty which prevails in the mind of owners of working Industrial units of Jammu & Kashmir due to current situation and huge financial losses.
It is worthwhile to mention here that Industrial Units in Jammu & Kashmir are suffering very badly due to current conflict between India and Pakistan, resulting massive production losses due to nass migration of skilled/semi-skilled and unskilled Industrial workers. Steep increase in the transportation cost of raw materials and finished goods, unscheduled power cuts, sharp decline in the demand of finished goods resulting huge burden of bank interest on working capital and term loans and it is the need of the hour to come to the rescue of the existing Industrial Sector of J&K.
FOIJ demanded grant of financial support to Industrial units as a special relief package with the enhancement of 20% working capital limit for one year within the existing collateral security of all the working banks in J&K; waive off interest for term loan and working capital loan up to 30-09-2025 or till the situation improve; restructure the term loan with the extending tenure, reducing the interest rate and change in the repayment scheduling; relax in the NPA guidelines for Industrial Sector; insurance cover for Industrial units to cover the losses due to war; release of pending payments of Industrial Sector including fiscal incentives claims pending with Govt treasuries immediately; waive off minimum demand charges of industrial power bills for next six months; defer the proposed power tariff hike and extension of power amnesty for Industrial Sector.
Mahajan requested the Lt Governor Manoj Sinha, Chief Minister Omar Abdullah and Deputy Chief Minister Surinder Kumar Choudhary to consider their request for the grant of instant financial relief to Industrial Sector of Jammu & Kashmir and save them from closure.
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