JCCI seeks J&K guv's intervention in releasing payments of MSMEs

The Jammu Chamber of Commerce and Industry (JCCI) Monday sought intervention of state’s governor Satya Pal Malik in releasing the pending payment of units. 

It claimed that the Power Development Department (PDD) has not released over Rs 200 crore to micro, small and medium enterprises (MSMEs) against the supply of various items for the success of centrally-sponsored ‘Saubhagya’ scheme since September 2018.

In a communication to the governor, JCCI president Rakesh Gupta said the MSME units have borrowed loans from various bank and financial institutions for the success of the Saubhagya scheme and are suffering huge losses due to the interest burden.

“The pending payments which is more than Rs 200 crore, if not released immediately, will result in lot of hardships for the concerned MSME units…(and) huge losses to them… (this will make) them defaulters with banks and financial institutions,” he said.

Gupta requested the intervention of the governor and requested him to direct the concerned department to release the payments immediately so that these MSME units can be saved from becoming sick.