Srinagar, Sept 8 (KNN) The Federation of Chambers of Industries Kashmir (FCIK) and Federation of Industries Jammu (FOIJ) are calling for the revitalization of current industrial ventures to significantly combat the rising unemployment rates in Jammu and Kashmir.

A joint statement by the industrial association pointed out that the existing industry was currently in deep distress but possessed the potential to provide employment to 500 thousands of employees on rejuvenation.

This was stated by members of the two organisations in their joint meeting with the Commissioner-Secretary Industries and Commerce Department Vikramjit Singh.

While commending the vision behind the creation and endorsement of the Rs 28,400 crore Industrial Development Scheme for Jammu and Kashmir, primarily aimed at job creation and skill development, the delegation noted that the generation of fresh employment opportunities might be a time-consuming process until the industrialization plans under the new scheme are put into action.

However, the government is required to put simultaneous emphasis on job creation through already existing enterprises having tremendous potential to generate employment in the short run, stated the delegation.

“The infrastructure valuing thousands of crores rupees in the shape of buildings and Plant and Machinery existed on the ground both in the organised and unorganised sector across Jammu and Kashmir which currently was being meagerly utilized owing to slew of problems faced by existing enterprises,” intimated the delegation, adding that all the existing infrastructure could be put to its optimum utility if measures to assess and address these problems were taken by concerned authorities in the government.

While assuring the Commissioner-Secretary of absorbing up to 500 thousand employees in the rejuvenated existing industrial units of the Union Territory within the shortest period of time, the delegation solicited his support and recommendation for protection, expansion, diversification, modernization, revival and rehabilitation suited to individual units for operationalizing the existing industrial sector to its optimum capacity and potential.

They discussed the shaken viability of the existing industry in the aftermath of the withdrawal of VAT exemption, abolishing of toll and entry tax, and withdrawal of price and purchase preference coupled with post-COVID market volatility which had forced the enterprises to make retrenchments over past few years.

During the meeting, the associations demanded for the arrangement of funds for the disbursement of the committed 3 per cent “turnover incentive” under the policy and as per the claims submitted. 

Any curtailment of funding this account would not augur well with the industrial community and be likely to shake the confidence of entrepreneurs further on Government policies and commitments, the delegation conveyed.

They also sought clarification on the disbursement of SGST refund by Commercial Taxes in respect of units having undertaken substantial expansion and additional lines of activity.

The Commissioner-Secretary while giving a positive response to all the points put forth in the meeting for discussion asked the delegation for submission of a comprehensive paper substantiating their suggestions and demands for the rejuvenation of the existing industrial sector.  (KNN Bureau)