SRINAGAR: In a significant move aimed at rejuvenating distressed industrial units and stimulating overall economic growth, the Federation of Chambers of Industries Kashmir (FCIK) has entered into a Memorandum of Understanding (MOU) with the Federation of Industries Jammu (FOIJ).
The MOU was officially inked during a ceremony attended by figures from both organisations. Shahid Kamili, President of FCIK, and Tejwant Singh Reen, Chairman of FOIJ, were the signatories, with the event graced by the presence of former Chairman of FOIJ, Lalit Mahajan, and former Presidents of FCIK, including Shakeel Qalander, Mohammad Ashraf Mir, Meraj Ahmad Qureshi, and Zahoor Ahmad Bhat.
This partnership culminated from weeks of virtual discussions and planning sessions, with a FOIJ delegation making the trip to Srinagar to finalise the MOU. Both FCIK and FOIJ expressed deep concern for the struggles faced by existing industrial units due to the inadequate implementation of industrial policies, jeopardizing their viability.
One prominent issue highlighted in their joint statement was the withdrawal of the promised three percent turnover incentive, citing budgetary constraints, which cast doubt on the government’s commitment to supporting the industrial sector. Additionally, the organisations criticised the government’s removal of marketing incentives during the policy’s tenure, negatively impacting units reliant on government procurement.
The chambers questioned how manufacturing units in Jammu and Kashmir could compete on platforms like the Government e-Marketplace (GeM) without adequate protection. They emphasised that the withdrawal of price and purchase preference, along with payment delays, had taken a severe toll on these units.
Both chambers called for the revival and rehabilitation of ailing units under established policies and schemes, advocating for a foolproof mechanism to support this endeavor. They also stressed the importance of a special scheme for the modernization and expansion of existing industrial units.
FCIK and FOIJ, recognising the common challenges confronting industries in Jammu and Kashmir, have jointly formulated an all-encompassing six-point program within their memorandum of understanding (MOU).
In pursuit of these objectives, FCIK and FOIJ will establish robust communication channels for discussions, consultations, cooperation, and the exchange of crucial information. These channels will serve as a foundation for facilitating productive dialogue among stakeholders.
Additionally, both organisations will coordinate their efforts to advocate for issues relevant to the industry, encompassing areas such as industrial policy, marketing strategies, prompt payment resolutions, and financial considerations. By combining their strengths, FCIK and FOIJ aspire to provide a unified and influential voice for the industry in the region.
Furthermore, regular meetings, whether conducted in person or virtually, will be convened to foster the exchange of perspectives on a diverse range of topics. When circumstances demand, joint press conferences will also be organized to effectively address specific industry concerns. Flexibility will be maintained in the program’s scope, with any modifications being subject to mutual agreement.
Throughout these endeavors, both organisations will steadfastly uphold an apolitical stance, focusing solely on industry and economic issues in all discussions and actions. This commitment ensures that their collaborative efforts remain devoted to the betterment of the business landscape in Jammu and Kashmir.
The industrial community across Jammu and Kashmir has welcomed this MOU, expressing optimism that it will contribute to the welfare and sustained growth of manufacturing and service sector enterprises in both regions.
