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FCIK expresses gratitude to Govt for interest subvention

Saying 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 “brought back on track.”

Post by on Thursday, February 11, 2021

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Srinagar, Feb 11: According to a press statement, President, Federation Chamber of Industries Kashmir (FCIK) Shahid Kamli today expressed gratitude to the Lieutenant Governor administration for “handing over a cheque of Rs 250 crore to the Jammu and Kashmir Bank as the second instalment of the 5% interest subvention under the economic package announced by the government.”

Saying 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 “brought back on track.”

Kamli said: “The FCIK would support the Government in providing guidance to the aspiring youth which the Government had identified to become entrepreneurs under the Back to Village and My Town My Pride programmes. However, we also seek the intervention of LG Sinha to address the issues of unit holders with financial lending institutions.

"Those unit holders who are tired and unviable may be given exit route by way of OTS and the unit holders 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 the slowdown brought about by harsh winters," Kamli said in the statement.

“The FCIK also seeks the 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 unit holders,” the statement added.

President Kamli also asked the LG Manoj Sinha and Chief Secretary to allow existing industry to be a part of the recently announced Industrial Package so that they unit holders are able to revive their units which, the statement said, are ailing since 2009.

"The existing industry is employing lakhs of skilled and unskilled people in the valley even during difficult times. It should be the policy matter of the Government to cover the existing industry with any package or initiative which is announced for aspiring entrepreneurs. Government should actually give existing industry credit for contributing to the GDP of the state even in a slump period; it is time for the Government to reciprocate them," Kamili further said in the statement.

“The FCIK also demands release of due payments from government departments which they owe to the unit holders, so that capital flow will help industries to run smoothly.”

The statement added that FCIK is hopeful that LG Manoj Sinha will address all the concerns of the business community at the earliest.

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