IIOJK Industrial Sector At Verge Of Destruction: FCIK


MIRPUR-In Indian Illegally occupied Jammu Kashmir State, the Federation of Chambers of Industries Kashmir (FCIK), while expressing grave concern over the growing sickness of scores of industrial units in the turbulent State, has regretted that “the role of the concerned “State functionaries” in analyzing and addressing this critical issue was abysmal and disappointing, says a report reaching here

The occupied Kashmir’s business community forum alleged that its policies on revival and rehabilitation of sick industrial enterprises were not being honoured in the J&K State, the report said.
The growing sickness in industry in occupied J&K State had multiple reasons mostly beyond the control of entrepreneurs which needed to be ascertained and analysed for an appropriate recourse, FCIK said in a statement in occupied Srinagar, the report said.

“The mechanism envisaged for constitution of State Level Revival Committee (SLRC) for analyzing and approving the revival programme of potentially viable sick units and treatment thereof”, it said.
“Apart from this, the current policy also makes the applicability of the guidelines for rehabilitation/revival of the sick small and medium level industrial units in the State, the report said.

The FCIK also regretted the discontinuation of the State Level Inter-Institutional Committee (SLIIC) which was formed to deal with the problems of coordination for rehabilitation of sick industrial entrepreneurs in the held State.
The FCIK of IIOJK also expressed its regret over the hostility shown by the puppet State government backing out from its alleged commitment to setting up an Asset Reconstruction Company (ARC) in partnership with J&K Bank as declared by the state government in its Budget Speech of 2015-16 with the aim to do asset stripping where need to be aroused besides formulating a revival package where revival was possible, the report said.

The FCIK, the report revealed has formally taken up the issue with Delhi’s installed Chief Secretary of the occupied Jammu and Kashmir State and asked him to take notice of non-implementation of the policies and guidelines by his subordinate departments and Banks.
Contrary to these initiatives and guidelines, the Banks in IIOJK had initiated unethical and illegal actions against MSMEs (Micro, Small & Medium Enterprises) forcing them to sell out their industrial units apart from their ancestral property mortgaged to banks for liquidation of loans”, FCIK said, adding such measures could jeopardize efforts in encouraging industrialisation in the Indian Illegally occupied Jammu and Kashmir state, the report added.

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