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28/07/2020 07:12am

MSMEs in J&K seek financial relief

image MSMEs in J&K seek financial relief

Jammu, July 28 (KNN) Micro, Small and Medium Enterprises (MSMEs) have appealed to the Lt Governor, G C Murmu to provide financial relief to the industrial sector which is facing a lot of hardships in Jammu and Kashmir (J&K).

Federation of Industries Jammu (FoIJ) on Monday held a meeting where the members discussed the plight of the micro and small-scale sector of the J&K and UT suffering since August 5, 2019 after the abrogation of Article 370 and COVID-19 situation since March 24, 2020.

The members present in the meeting showed their resentment that, in spite of assurances given by the government for providing the financial relief to the industrial sector of J&K, the much-awaited financial relief is still awaited.

''The Micro & Small Sector units of the Jammu & Kashmir are suffering very badly after the adoption of GST by J&K Government and abrogation of Article 370 since August 5, 2019 and now the COVID-19 resulted uncertainty in the mind of unit’s holders,'' FoIJ said in a statement.

It was also resolved in the meeting that thousands of MSME units are on the verge of closure as they are not able to participate in the government tenders due to finance department directives for the purchases through GeM portal in spite of the facts that the Industrial Policy 2016 still in existence which provide 20 per cent price/purchase preference to local SSI units over and above the landed cost of the offer received from outside the state.

Later, the MSMEs urged Lt Governor to intervene in to the matter for the grant of financial relief to the MSME sector and ensure reimbursement of wages/salary for the Lockdown period, waive off Bank Interest on term/working capital loans up to March 31, 2021, waive off power supply bills for the lockdown period and defer purchases through GeM Portal till March 31, 2022.


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