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| Business units may opt for closer resulting in retrenchment of existing work force : FI | | | Early Times Report
Jammu, Sept 5: Business units may opt for closer resulting in retrenchment of existing work force : FI
Jammu, Sept 5: A Delegation of Federation of Industries, Jammu led by Lalit Mahajan, chairman Federation of Industries, Jammu presented a memorandum to the Raj Nath Singh, Chairman, All Party Delegation in the presence of Arun Jaitley Union Finance Minister, Jitendra Singh, MOS Prime Minister Office, Govt. of India & other Members Parliament of both the Houses on the behalf of Industries Fraternity at Jammu on 05-09-2016.
Mahajan said that the Industrialization Process in our state always at low profile due to the Militancy in Punjab for a decade from 1980 onward and the Disturbed Conditions in our state since 1990.
The present position is more aggregative due to the current continuous Unrest and Shutdowns in the Kashmir Valley for the last two months resulting hundreds of crores Rupees losses of the Industrial Sector due to which the working of the Industrial Units is suffering very badly as the Unit Holders are not in a position to pay Wages/ Salaries to their staff and workers and all other fixed expenses like Power Bills, Bank Interest on Term Loans as well as Working Capital Limits availed from the Banks.
The situation is serious due to no cash flow for the last two months since the eruption of unrest in the valley due to which the burden of accumulation in the monthly interest on the borrowings by the unit holders converting their accounts as NPA(Non Performing Assets).
Under the current circumstances prevails in the Kashmir Valley, it is very difficult for the Unit Holders to run their Units and we fear that the numbers of Units may opt for the closer resulting in the retrenchment of the existing work force.
It is worthwhile to mention here that due to uncertainty and non availability of Jobs in the state most of the Young population opt for working outside the state and we fear that in the coming years the Jammu Areas will be turned out in the Senior Citizen Colonies if the corrective measures not adopted by the Central/State Govt. for the establishment of Industrial Sector in the State by providing Fiscal Benefits. During this hour of crisis we expect that Government of India should come forward for the rescue of Industry and save us before we are totally crippled. |
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