Special concessions to J&K in financial matters the need of hour: PHDCCI

Jammu,Feb 22: PHD Chamber of Commerce & Industry, Jammu Region Chapter Chair Rakesh Wazir while speaking in a meeting held here with Regional Director, Reserve Bank of India incharge UT of J&K and Ladakh Chanderashekhar Azad,advocates for special concessions to the business units of J&K.
Wazir emphasized the unique challenges of Jammu & Kashmir, given its fragile situation and remote topography. He highlighted the logistical difficulties of Industrial units wherein raw materials must be transported from other parts of India and finished goods must be shipped back, increasing costs for businesses.
He urged the RBI to consider liberal financing options for business units in J&K and asked for introduction of special packages for those that became NPAs due to continuous turmoil in the region, including the abrogation of Article 370 and militancy-related disruptions. He also stressed that the use of the SARFAESI Act, which allows for the forcible seizure and auctioning of distressed units, should be minimized and should be used only when no other option is left.
Furthermore, he called for enhanced facilitation and support for MSMEs to the UTs of J&K & Ladakh and for that even if some special policy is required to be made it should be recommended and made so that more and more people may invest over here leading to the sustainable growth for the business.
Azad attentively listened to the concerns raised and assured Wazir that each & every issue raised in the meeting would be given sympathetic consideration.