Manufacturing Sector In Serious Crisis As Payments Witheld For four Years, Kashmir Chamber

SRINAGAR: Regretting that the micro and small enterprises have their payments overdue for more than four years, Kashmir Chamber said that some of the units have turned NPA because of this. The revelations came in a meeting between Chamber General Secretary and Director Industries Kashmir.

“Secretary-General urged the Director industries to take up the issue with the higher authorities of all those departments who have withheld the payments of these entrepreneurs so that our industrialists don’t suffer any more,” a Chamber spokesman quoted Farooq Amin saying in the meeting. “He also said that all these long-overdue payments must be compensated with interest incurred during the period that will enable these entrepreneurs to run their businesses smoothly again.”

The meeting that took place on January 24, discussed various issues that the manufacturing sector faces in Jammu and Kashmir. “If the situation remains the same then no young entrepreneurs can get encouraged to start their fresh business in J&K,” Amin said. He said the banks do not understand the problems that the manufacturers’ are facing and they go by their own policies which is playing a serious crisis with the sector.

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