Srinagar: Industrial Association Lassipora (IAL) Friday appealed to Lieutenant Governor of Jammu and Kashmir for extension of expired provisional registration of industrial unit-holders at Industrial Growth Centre (IGC) Lassipora.
“It’s very well apparent and clear that the business fraternity had a great fall off over a decade,” the IAL said in a statement.
“Post floods of 2014, the losses are beyond the imagination. Among other parts of UT of J&K, Pulwama stands one of the most unstable and volatile districts. In order to set up a manufacturing unit at a far flung area of Lassipora Pulwama, it once became quite difficult for entrepreneurs to overcome such hard times especially for unit holders travelling for a far distances.”
Notably, to maintain provisional registration, one must continue to demonstrate the effective steps taken and to obtain all NOCs/clearances etc required in the pre-production stage.
Initially, the provisional registration for setting up a new industrial unit issued by the concerned district industries centre (DIC) was valid for the period of two years.
“Due to continued lockdowns and unwanted closures over a decade most of the entrepreneurs both existing and aspiring suffered financial crisis and couldn’t complete their construction on time which led them towards expiry of their provisional registration certificate issued by district industries centre,” the IAL said.
The previous extension of validity of provisionally expired industrial units for varying periods of up to 6 to 9 months by the Chief Secretary in the 46th meeting of Apex Project clearance Committee (APCC) of the J&K State Industrial development Corporation Ltd. (SIDCO) in July 2020 did not seem to be sufficient for those who wanted to seek for financial assistance from financial institutions.
Since it takes time to approve for a bank loan and complete all other for formalities including construction and installation of machinery, the IAL said, it was almost an unachievable task for maximum industrial unit holders to start their operations within such a short duration of time.
“With more than 140+ pending applications for extension of revalidations within the industrial area, Lassipora is itself a big loss for our growth and prosperity,” the industrial body said.
“The industrial unit holders have invested huge sums in setting up their units by taking appropriate effective steps and some are paying bank interests as well. And therefore, our request to the honorable lieutenant governor of UT of Jammu and Kashmir is that there should be a further extension of revalidation of such provisional expired industrial unit holders not less than a year.”
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