Release Rs 200 cr for revival of sick units in J&K: Committee

The Estimates Committee of Jammu and Kashmir Legislative Assembly has asked the state government to approve and release Rs 200 crore for revival of sick industrial units in the state.
"The Committee stressed upon the concerned (authorities) to approve and release funds to the tune of Rs 200 crore, for which a proposal has already been submitted by the Industries and Commerce Department which is in pipeline since long," an official spokesman said after a meeting chaired by PDP MLA Javaid Hassan Beigh here yesterday.
The Committee observed that if the funds are not released early, it will affect the revival of defunct and sick units of Industries department badly, the spokesman said.

"The Committee held threadbare discussions regarding revival of defunct and sick industrial units in the state," he added.
The department concerned was asked to identify the defunct and sick units in the state and submit a proposal with measures for their revival, the spokesman said.
He said the Committee also suggested boosting local trade in the industrial units to provide income to a large number of people as well as employment opportunities to the educated youth.

Financial Commissioner, Industries and Commerce Department, Khursheed Ahmed Ganai briefed the committee about the overall functioning of the department.
He also gave details of present status of different sectors of industries department besides physical and financial status of the department.

Ganai also highlighted the aims and objectives of the different schemes implemented by the department for encouraging the unemployed youth to set up industrial units including physical and financial help by way of incentives and subsidy being provided to them.