KSSIA for salvaging existing local investments, employment before luring nonlocal investors.

SRINAGAR: Kashmir Small Scale Industrial Association (KSSIA), the oldest industrial body of the valley, has asked the Jammu and Kashmir Letuient Governor Giresh Chander Murmu to salvage and consolidate the existing investment in local industry before eying for imperceptible prospective investments in the sector.
A meeting of KSSIA was held under the chairmanship of President Syed Fazal Illahi to deliberate upon the prospects for investments and development in the state after introduction of the domicile law as stated by the Lt. Governor last week.
The members said that the prudence demanded saving the tens of thousands of crores of investment made by the locals in various manufacturing, processing and service sector enterprises employing more than 40% of the total workforce in J&K. The members regretted that owing to indifferent attitude by the authorities and administration, the plight of local enterprises was unprecedented and any further delay in affording genuine reliefs, revival and rehabilitation to these may prove catastrophic for our economy and employment.
“Although no one has ever objected to lure the nonlocal investors for making investments in J&K, yet such an exercise in the past has always fallen flat and the expectations in future were also bleak”, observed the members. The members said that it was a myth that laws played any role in stopping outsiders from making investments as after the year 1975 both locals and nonlocals were put at par to acquire land on lease for 90 years in any Industrial estate in the twin capitals of Jammu and Kashmir as well as Ladakh besides their uniform entitlement to other incentives.

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