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| J&K unable to revive sick industrial units | | | Early Times Report
JAMMU, Aug 5: Despite formulation of a plan for reviving sick industrial units in Jammu and Kashmir, units facing closure are increasing with each passing day.
Sources said that revival of viable units is part of Prime Minister's Reconstruction programme and to begin with, it was decided that some of the units would receive soft loans from SIDCO. In various cases, entrepreneurs received soft loans but could not make the units functional and are not in a position to produce goods for which they have been set up.
Official sources said that there were about 300 sick units in the state which could be revived. They had become sick because of the financial problems and lack of effective market cover for their products. They said that the government thought of reviving these sick units only after the unit holders received suitable financial support.
Government has decided that Sick but viable units would be revived by providing them financial assistance, which in turn would generate job opportunities for the unemployed youth and would be continued sources of income for unit holders. Presently, over 300 sick units are in the state and rehabilitation of these units would be done under specific package provided under Prime Minister’s Reconstruction Programme.
So far, Rs 63.56 lakh were sanctioned as soft loan to 33 units by SIDCO and Rs 225 lakh were disbursed among 22 unit holders. Sources admitted that the scheme to revive sick units was moving at a snail's pace because of paucity of funds. They said that there was need for ear marking at-least Rs.1500 crores for the revival of all the 300 sick units
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