Jammu, Apr 24 (KNN) The micro, small and medium enterprises (MSMEs) in Jammu are struggling to repay their loan instalments as their heavy amount is stuck with the government due to non-clearance of sanctioned claims under various subsidies.

The members of Bari Brahmana Industries Association (BBIA) held a meeting to discuss the problems being faced by them due to the blockage of incentives. The industrialists have also urged the government to provide soft loans against the sanctioned incentives in the meanwhile to help the sector.

BBIA    President Lalit Mahajan said, “The members of BBIA raised the issue regarding the non-releasing of Rs 70 crores against the sanctioned incentives claims of industrial sector by Department of Industrial Policy & Promotion (DIPP), Government of India pending since 2015 onwards.

The members raised their serious concern in respect of blockage of huge amount of industrial units in respect of sanctioned claims of Capital Investment Subsidy, Interest Subsidy & Insurance Subsidy pending since 2015 onward.

Mahajan pointed that, “Due to non-release of funds the unit holders are facing serious problems as they are not able to clear the installments of Term Loans, Blockage of Working Capital Limit & piling up of huge amount of Interest accumulated resulting nos. of accounts already converted into NPA’s and the Unit Holders have no option but to close down their units resulting retrenchment of the work force in near future which will increase the graph of unemployment in our State.”

The MSMEs in the region cried that in spite of assurances given by DIPP for the release of funds in the month of April 2017, nothing has been done till date.

BBIA said, “This shows the casual attitude of the Department towards the industrial sector of Jammu and Kashmir which is working in the state and providing direct and indirect employment to lakhs of people of the state in spite of all the odds.”

The BBIA members have sought immediate intervention of Chief Minister Mehbooba Mufti,  State Finance Minister Dr. Haseeb A. Drabu and State Industries Minister Chander Parkash to into the matter and take it up with the Commerce Ministry for the release of funds against sanctioned claims for the disbursement to the industrial units.

The members have urged the government to provide instant relief to the industrial sector by providing soft loans against sanctioned incentives claims of industrial units till the funds are released by the Central Government to save them from closer. (KNN Bureau)