In a press release JKPM Vice President Advocate Syed Iqbal Tahir expressed his anguish over the failure of the government to save the remnants of local industrial units. He stated that most of the units are in a debt trap and are on the verge of closure due to unprecedented business interruptions and callous attitude of authorities.
“From the news in the media, I gather that major contracts are going to non-local units in an unabated manner. No concrete proposal for affording any relief to the local enterprises has so far been devised or submitted to any relevant authority here or at the centre, ” he said and added, “This depicts the callous attitude of authorities towards the business sector in general.”
Iqbal Tahir stated that this kind of a grave situation no youth in J&K can even think of becoming an entrepreneur and even the existing entrepreneurs would prefer to close their business and retrench their employees.
“In the rest of the country, the small scale sector has emerged as a highly vibrant and dynamic sector of the economy and have not only played a crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also helped in the industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth, ” Iqbal Tahir said.
The statement further said that unfortunately, in J&K the small-scale industries are getting choked and this will have disastrous consequences and JKPM demands immediate intervention from the government.
