Bhat appreciates role of government in reviving various public sector undertakings

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By Fast Kashmir on 30/11/2017.

Says Handloom and Handicrafts corporations are immediate beneficiaries

Nasir Khuehami



Srinagar, Nov 30: Vice-chairman Handloom and Handicrafts Development Corporation, Nizam-ud-din Bhat on Thursday stated that Jammu and Kashmir government has successfully overcome the problems faced by various public sector undertakings.

He said that most of the PSU’s are now back on rails, making profitable business through increased production activities and this augurs well for the state’s growing economy as PSU’s have a vital role to play.

Baht said that state’s finance minister Dr. Haseeb Drabu had in last budget statement committed himself to the revival of all the PSU’s and corporations which were faced with recession and sickness.

“Many corporations had suffered losses due to unrest and many others had lost most of the infrastructure in 2014 floods. Handicrafts, Handloom, JKI, JKTDC and JAKFED were virtually lost under piled liabilities. The workforce of the corporations had little or no activity to perform and there was imminent danger of closing many of the unviable units which would entail the risk of losing heritage, a vital component of the rural economy and employment avenues,” he said.

He said that appreciating the importance of the PSU’s in our social and economic structure, Dr. Drabu remained focused to draw a revival mechanism. “He took periodical reviews with administrative department and management and also involved leaders in private sector business to relieve the entire business and production units of actual and perceived stress,” he added.

Bhat said that handloom and handicrafts corporations are the immediate beneficiaries of government support and finance minister’s vision. He hoped that both the corporations will valuably contribute to the promotion of heritage and projection of Kashmir art and craft at national and international level.

Bhat said that Kashmir Carpet, Tweed, Pashmina and Kani Shawl, Pheran, Cotton and carved wooden items have unique status in international market and Chief Minister Mehbooba Mufti has directed all concerned to ensure that the goodwill and reputation of Kashmir art and craft is enhanced so that state’s identity is protected along with its economic interest.

He said that in the recent review from the finance minister a roadmap has been anticipated for growth, promotion and employability and corporations have been given specific targets to ensure result-oriented activity.