Trade bodies seek capital infusion for settling NPAs

Trade bodies seek capital infusion for settling NPAs
Representational ImageFile/ GK

Srinagar: Union Minister of State for Industries and Commerce (I&C), Som Parkash today interacted with the representatives of various trade bodies of Kashmir at SKICC, Srinagar.

The delegation comprised of the representatives of Federation Chamber of Industries Kashmir (FCIK), Kashmir Chamber of Commerce and Industry (KCCI), PHD Chamber of Commerce and Industry (PHDCCI), Confederation of Indian Industries (CII) and Federation of Indian Chamber of Commerce and Industry (FICCI).

During the interaction the representatives highlighted various issues pertaining to the industrial sector with the minister. They demanded that the new industrial scheme should be extended to existing industrial unit holders also. They also demanded handholding of industrialists with capital infusion besides one time relaxation for settling of non performing assets (NPAs) and other issues.

The representatives also demanded relaxation in SIBAL and Credit ratings for the industrial units of Kashmir besides interest subvention for next five years and fixation of power tariff for next five years for the industries.

They also requested for revision of Industrial zones in Kashmir and declaration of entire Kashmir region as Zone B as the region is industrially backward with no rail connectivity, harsh weather and very less market access.

While interacting with the representatives, the Union Minister said that the Central Government is committed for the revival and handholding of industrial units of Jammu and Kashmir and in that direction the government launched the New Central Sector Scheme for Industrial Development of Jammu & Kashmir with an outlay of Rs. 28,400 crores.

The Minister assured the representatives of trade bodies that all of their genuine demands and concerns will be looked into meticulously and will be resolved on priority.

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