MIRPUR: The Federation of Chambers of Industries Kashmir (FCIK) in the Indian Illegally occupied Jammu Kashmir (IIOJK) has expressed grave concern about the deteriorating condition of numerous industrial units in the turbulent region. The business community has criticized the role of state functionaries in addressing this critical issue, according to a report received from across the Line of Control on Saturday.
The business community alleged that the government’s policies for the revival and rehabilitation of ailing industrial enterprises were not being effectively implemented in the Indian Illegally occupied Jammu and Kashmir.
Deteriorating State of Industry in IIOJK
FCIK has highlighted that the deteriorating state of industry in occupied Jammu and Kashmir has multiple causes, many of which are beyond the control of entrepreneurs. These issues need to be identified and analyzed to find appropriate solutions, stated FCIK in a press release from occupied Srinagar.
One proposed solution is the establishment of a State-Level Revival Committee (SLRC) to analyze and approve the revival programs for potentially viable sick units. The current policy also outlines guidelines for the rehabilitation and revival of small and medium-sized industrial units in the region.
FCIK expressed disappointment over the discontinuation of the State Level Inter-Institutional Committee (SLIIC), which was established to address coordination issues in rehabilitating sick industrial enterprises in the region.
Furthermore, FCIK voiced regret over the government’s failure to fulfill its commitment to establishing an Asset Reconstruction Company (ARC) in partnership with J&K Bank. This initiative aimed to streamline asset management and formulate revival packages where possible.
FCIK has formally raised these concerns with the Chief Secretary of the Illegally Indian Occupied Jammu and Kashmir State, urging him to address the non-implementation of policies and guidelines by subordinate departments and banks.
Contrary to these initiatives and guidelines, banks in IIOJK have initiated unethical and illegal actions against Micro, Small & Medium Enterprises (MSMEs), pressuring them to sell their industrial units along with ancestral properties mortgaged to banks for loan repayment.
