50% Units In Kashmir's Industrial Zones Unused Inactive economictimes.indiatimes.com
SRINAGAR: At a time when Jammu & Kashmir administration is preparing for Global Investors Summit, which is scheduled to take place in April, around 50% units in different industrial estates in the Valley remain unused or non-functional due to the prevailing political uncertainty.
As per the government figures, out of 2,547 plots allotted to businessmen in 26 industrial estates, only 1,444 are functional, 323 are non-functional, 479 remain under establishment, 191 units have taken no steps while some areas in these estates remain under armed forces. The situation has worsened for the businesses since August 5, 2019, when the J&K Reorganization Bill was passed and communication and Internet curbs were put in place. “Even the functional units are on the verge of closure. Businesses in Kashmir are facing an existential threat,” president of Kashmir Chamber of Commerce and Industries Sheikh Ashiq told ET. What is adding to the problems of businessmen is ‘unprecedented pressure’ from banks and financial institutions to pay EMIs and recover loans.
“We may be circumstantial defaulter but certainly not wilful defaulters…We just want a breather but nobody is listening to us,” said Ashiq. The businessmen also complained about enforcing GST submission and payment of fines amid ongoing Internet ban and drafting a new Industrial policy when local units had already tried to adjust to the 2016 policy, which was valid till 2026.
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