Government keen on revival of sick industrial units

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SRINAGAR:  A meeting to review the Government Policy on Revival of Sick Industrial Units was held here today under the chairmanship of Minister of State for Industries & Commerce Sajjad Ahmad Kichloo. The meeting was attended by the Senior officers of the Industries and Commerce Department, representatives of the Kashmir Federation of Industry, J&K Bank, State Financial Corporation, J&K Development Finance Corporation and KVIB.
The Financial Commissioner, Industries & Commerce, Mr. Khurshid Ahmed Ganai informed that a meeting of the State Level Revival Committee (SLRC) was held on 1st July, 2014 in which cases of 69 sick industrial units identified by the Director Industries, Kashmir were discussed for revival, out of which 51 units were approved for revival in terms of Govt. Order No. 47 IND of 1999 dated 10.02.1999.
The Minister emphasized on expeditious disbursement of soft loan in favour of the units approved for revival and impressed upon the financial Institutions including J&K Bank and State Financial Corporation to appraise the DPRs and sanction the requisite loan. The Minister directed MD, SIDCO to expedite the disbursement of soft loan under the scheme as per norms and project actual requirement of funds on this account. The Minister directed that the two Sub- Committees headed by the Directors of Industry & Commerce Jammu and Kashmir should conduct a fresh survey to identify those units which have not been surveyed and identified so far. He observed that many sick unit holders may not have come forward before the Sub Committees for identification. The Minister issued instructions to the Director, I&C Kashmir/Jammu and MD, SIDCO to monitor the revival of the sick units on a case to case basis. He asked the Financial Commissioner, to take up the matter of additional funds required on account of soft loan with the Planning & Development Department.
The President, FCIK Mr. Mohd Ashraf Mir and Joint Secretary, Shri Afaq Ahmad Qadri thanked the Minister and Financial Commissioner, Industries & Commerce Department for taking keen interest in the revival of the sick industrial units which has been pending serious attention for many years now. They sought the intervention of the Government in impressing upon the Banks and other financial Institutions to consider liberal One Time Settlement (OTS) of the past liabilities and early sanction of new loans for revival.