Srinagar: In a bid to revive the fortunes of the sick industrial units in Jammu and Kashmir, the Industries and Commerce department has announced a slew of measures including grant of 30 percent margin of the soft loan to these units.
As per the order issued by the I&C department, Principal Secretary, Ranjan Prakash which reads as pursuant to recommendations made by the committee constituted by the government for proposing measures for relief and revival of the business sector in Jammu and Kashmir, read with clause 3.13.1.2.4 of the Jammu and Kashmir lndustrial Policy, 2021-30, issued vide Government Order No. 117-lND of 2021 dated 19.04.2021, sanction is hereby accorded to the grant of 30% margin money of the soft loan lifted for revival of the Sick industrial Units under the scheme “Revival of Business Sector in Union Territory of Jammu and Kashmir.”
As per the order, the loan is subject to the conditions: that the margin money of 30 percent shall be released once the soft loan is approved in favor of sick industrial unit by the Jammu & Kashmir Bank Ltd on the basis recommendations of industries & Commerce Department. The amount of margin money shall be placed directly at the disposal of Jammu & Kashmir Bank Ltd. instead of SIDCO for transfer to the loan account of the beneficiary industrial unit, it reads.