Jammu, 09-06-2025: The Association of Industries (Regd.) Gangyal in a meeting chaired by its president, Sh. Virendra Jain and his team of office bearers have urged the government to provide immediate financial relief to the existing Industrial Sector of Jammu & Kashmir, which is under severe distress due to the prevailing war-like situation and financial crunch.
The AOI highlighted the burning issues being faced by the Micro/Small industrial sector leads to the:
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- Massive production losses due to the migration of skilled, semi-skilled, and unskilled industrial work force
- Steep rise in transportation costs of raw materials and finished goods
- Sharp decline in demand for finished goods
- Mounting bank interest on working capital and term loans
Sh.Virendra Jain urges the Govt. to formulate a new package of incentives and financial assistance for the existing industrial units for their revival and survival. He suggested the following incentives/assistance be provided for their better future:
1. Special relief for industrial units, including a 20% enhancement in working capital limit for one year under existing security with banks which helps the entrepreneurs from the financial crunch a little.
2. Waiver of interest on term loans and working capital loans should be allowed till 30-09-2025 or until the situation improves.
3. Restructure the Term Loan with the extending tenure, reducing the interest rate and change in the repayment scheduling.
4. NPA must be waived off for at least one year for the industrial sector of J&K.
5. Insurance cover for losses due to Indo-Pak war should be released immediately to the affected industrial sector of J&K.
6. Minimum Demand Charges of electricity bills for at least six months should be waived off for a sigh of relief to the Micro/Small industrial sector of J&K.
Sh. Virendra Jain has appealed to Lt. Governor Manoj Sinha, Chief Minister Omar Abdullah, and Deputy CM Surinder Kumar Choudhary to urgently consider these demands and extend financial relief to prevent the closure of industrial units in Jammu & Kashmir.