Industries continue to face financial crunch: FCIK

Industries continue to face financial crunch: FCIK
Representational ImageFile/ GK

Srinagar: Federation Chamber of Industries Kashmir (FCIK) during pre-budget discussion with Additional Chief Secretary Finance Atal Dullo sought government’s intervention to rejuvenate the Kashmir’s beleaguered economy and put it on track.

In a statement issued here, President FCIK, ShahidKamili said that during the meeting they put forth various demands which include marketing support to the local industry as the industry is heading towards sickness without marketing support.

He said that the 25% of the allocated budget of the department should be kept for purchase from Local MSMEs.

Kamili said enterprises have dried up their working capital by paying off towards their establishment cost during the lockdowns and therefore requires support from the government to overcome their liquidity crunch.

Kamili said that the clean slate for VAT regime should be provided as the benefits of this tax exemption was being extended by the industry and no tax collected from them.

Before the introduction of the GST regime, industry was promised a clean slate for VAT regime.

FCIK also demanded the waiver of electricity demand charges to the industrial units, business interruption insurance, support to stressed and sick units, and contribution by the government in provident fund and freight subsidy.

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