By October SICOPs sale turnover Rs 342.54 cr

KL News Network

JAMMU

Jammu & Kashmir Small Scale Industries Development Corporation Limited (SICOP) achieved a turnover of Rs 342.54 crore by October, 2016, the management of the PSU told the board meeting.

This record was achieved despite the fact that the working season in the valley was hit due to unrest. The Corporation also managed to earn a cash surplus of Rs 1.83 crore after accounting all expenditures, its MD told the Board. He assured the Board that efforts are on to achieve a targeted turnover of Rs 775.00 crore by the end of current fiscal.

The meeting was presided by the Industries Minister C P Ganga.

Addressing the meeting, Ganga said the government is committed to provide hassle free services in the sectors like marketing, raw material and other infrastructural facilities to the small scale sector. He directed the officers that since the SSI sector has a pivotal role in generating employment, they should promote this sector with added focus.

After assessing the working of the Corporation, the Minister laid emphasis on the objectives of the Corporation where-under it has to aid and assist the Small Scale Industries of the State.

The Board reviewed physical and financial achievements of the Corporation for the last financial year and first two quarters of the current financial year, besides, held threadbare discussion and made appropriate decisions to make the Corporation more vibrant, progressive and profitable. The Board also reviewed follow up action taken on the decisions of the previous board meeting.

Commissioner Industries directed the officers of the Corporation that with the implementation of GST regime, the Corporation may lose some preferential treatment like VAT remission, other quotas or even marketing of SSI products to the Small Scale Industrial Units and as such he advised them to focus on diversification of activities.

In order to up-grade the existing infrastructure of Industrial Estates, DPRs have been approved under The Aggregative Macro Economic & Infrastructure Rebuilding (TAMIER).