FCIK optimistic about MSME sector revitalisation under new Government

Srinagar, Oct 17: While extending congratulations to Chief Minister Omar Abdullah and his newly appointed cabinet ministers on assuming office, the Federation of Chambers of Industries Kashmir (FCIK) has expressed optimism that the new administration will bring much-needed revitalisation to the industrial sector in Jammu and Kashmir, which has faced significant challenges for over a decade.

In an Advisory Committee meeting chaired by FCIK President Shahid Kamili, members voiced concerns over the precarious state of local industries, emphasizing that many enterprises were on the brink of collapse due to neglect and indifference. The formation of the new government has rekindled optimism among industrial stakeholders, who believe that prioritising the revival and empowerment of the industrial landscape was now essential for fostering growth and sustainability.

The FCIK has called on the government to engage in urgent consultations with stakeholders to tackle pressing issues affecting local industries. Members recalled that many critical challenges faced by various industrial segments were successfully resolved during Omar Abdullah’s first tenure from 2009 to 2014.

“Thousands of wood-based industrial units in J&K, located within 8 kilometres of designated forests, faced closure due to orders from the Honorable Supreme Court. However, thanks to the prudent planning and decisions of Omar Abdullah, these units were subsequently regularized, reflecting the government’s commitment and the successful resolution of the case in their favour.” recalled the members, adding that the resolution was sought with the active involvement of FCIK.

The members also highlighted how, during that period, the inclusion of the FCIK President in two Prime Ministerial Committees helped address the issues of MSMEs and rising unemployment.

While hailing the decision of Omar Abdullah’s government to involve stakeholders in crucial decision-making process, the members expressed concern that local chambers had now been largely excluded from important boards and committees.

FCIK members have also informed the new government that the industrial sector was currently contending with multiple challenges that needed immediate attention. The confusion stemming from the simultaneous application of three different industrial policies was highlighted, with members calling for a unified, comprehensive policy that consolidated all incentives from central and UT government schemes.

While emphasizing the immediate need for a public procurement policy supporting local enterprises, the members lamented the historical oversight of local industries in government purchases.

FCIK has also urged the new administration to prioritize the revival of struggling industries and address the growing issue of non-performing assets (NPAs), which was crucial for the sector’s recovery.

Endorsing the issues highlighted in the meeting, President FCIK Shahid Kamili showed his optimism on collaborative discussions with the Chief Minister and his cabinet to address these and other critical issues. While offering all services and cooperation of FCIK to the new government, he asserted that together we could create a thriving industrial environment that benefited all stakeholders and revitalize the economy of Jammu and Kashmir.