Jammu, Jan 30 (KNN) The Jammu based micro, small and medium enterprises (MSMEs) have expressed disappointment with the Department of Industrial Policy & Promotion (DIPP) Government of India, for not releasing Rs 60 crores against sanctioned Incentives of Industrial Sector. The amount is pending since last two years.

In this regard, Federation of Industries Jammu held a meeting under the Chairmanship of Lalit Mahajan, Chairman FOIJ where in the members raised serious concerns over the issue.

“The release of amount is pending since 2015. During the course of discussions members present in the meeting 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,” Mahajan said.

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.

Mahajan said the industry fears that the majority of the accounts may be turn into NPA in coming days and the unit holders will be left with no option but to close down their units resulting into retrenchment of the work force.

The MSMEs have urged J&K Chief Minister Mehbooba Mufti and Industries Minister Chander Parkash to take up the matter with DIPP to ensure release of funds against sanctioned claims. (KNN Bureau)