A Visionary Call of CCI Jammu: Sh. Anil Gupta’s Plea to Empower J&K’s Existing Industries, Bridging the Divide for Old and New Industries
Under the chairmanship of Sr. Vice President Sh. Anil Gupta, an urgent meeting of the Chamber of Commerce & Industry, Jammu, was convened to address the distressing state of the industry community in the region, including the industries in Jammu and Kashmir (J&K). Members, such as Sh. Rajeev Gupta Jr. Vice President, Sh. Manish Gupta General Secretary, Sh. Rajesh Gupta Secretary, and Sh. Rajesh Gupta Treasurer of CCI, participated in the discussions, reflecting the gravity of the situation.
During the meeting, serious concerns were raised regarding the continuous decline of existing industries in the J&K region. A notable disparity in the incentive support provided to new industries compared to the lack of assistance for the old ones was brought to attention. New industries were found to benefit from attractive packages, including full reimbursement of GST, subsidized bank loans, and working capital. However, these privileges were not extended to the old industries. The implications of this discrepancy are far-reaching, as the existing industries in J&K face considerable challenges in competing with the newer ones. This unfortunate situation has led to the closure of old industries, leaving thousands of families unemployed. Such widespread unemployment contradicts the vision of our respected Prime Minister Sh. Narendra Modi and the honourable Lieutenant Governor Sh. Manoj Sinha, who are dedicated to the prosperity of the Union Territory of Jammu and Kashmir and the well-being of its people. Adding to the concerns, export-oriented industries in the region also face additional difficulties due to the lack of support. The heavy reliance on external raw materials has driven up costs, putting these industries at a significant disadvantage. Moreover, the burden of freight charges for transporting finished goods to ports has further eroded profitability, making it challenging for export-oriented businesses in J&K to survive and flourish.
In a heartfelt appeal, the Chamber of Commerce & Industry, Jammu, has fervently called upon all concerned authorities to empathize with and acknowledge the myriad challenges confronting the existing industries in Jammu and Kashmir (J&K). The Chamber urges them to extend essential support and intervention, ensuring a fair and equitable environment for both the traditional and emerging industries in the region. Recognizing the significant role of industries in the socio-economic fabric of J&K, the Chamber earnestly seeks the implementation of special incentives and assistance that will breathe new life into the existing industrial landscape.
Amidst the dynamic and evolving economic landscape, the Chamber underscores the need to strike a harmonious balance between the old and new industries in J&K. While the new industries have been bestowed with attractive benefits and incentives, it is imperative to acknowledge the contributions of the established ones and provide them with comparable opportunities for growth and progress. Only through an inclusive approach can the region unlock its full potential and foster a vibrant ecosystem that supports diverse industrial endeavours.
At the core of this appeal lies the aspiration to revitalize the existing industries in J&K, empowering them to face the challenges posed by the ever-changing market dynamics. Additionally, the Chamber emphasizes the necessity to nurture and bolster the growth of export-oriented businesses, as they play a pivotal role in uplifting the region’s economy and promoting a positive trade balance. Moreover, these initiatives are deemed transformative and pivotal in rejuvenating the industry community in J&K. They hold the potential to create a wave of progress, generate new employment opportunities, and stimulate economic growth across various sectors. As the heartbeat of the region’s economy, the industry community in J&K seeks the collaborative efforts of the government, policy-makers, and stakeholders in creating an enabling environment that fosters innovation, entrepreneurship, and sustainable development.
By aligning the vision of all stakeholders and driving meaningful partnerships, J&K can emerge as an exemplar of economic resilience and prosperity. The Chamber of Commerce & Industry, Jammu, stands at the forefront of this crusade, unwavering in its commitment to building a future that thrives on the legacy of the past and the promise of the future. With determination and unity, the industry community envisions a thriving J&K, where every enterprise, old or new, contributes to the collective growth and prosperity of the region.