Jammu and Kashmir Government has successfully overcome the problems faced by various public-sector undertakings and Most of the PSU's are now back on rails, making profitable business through increased productive schemes.Stating this, Nizam-ud-din Bhat Vice Chairman of Handloom and Handicraft Development Corporation, said this augur well for states growing economy as PSU's have a vital role to play.Bhat states that Finance Minister Dr Haseeb Drabu had in last budget statement committed himself for 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 Infra-structure 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 risk of losing heritage, a vital component of rural economy and employable avenues".
He said, appreciating the importance 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 Handloom and Handicraft Corporations are the immediate beneficiaries of Government support and Finance Minister's vision and hoped that both the Corporations will valuable contribute to promotion of heritage and projection of Kashmir art and Craft at National and international level.He said Kashmiri carpet, Tweed, Pashmina and Kani Shawls, Phiran, cotton and carved wooden Items have unique status in international market and Chief Minister Mehbooba Mufti has directed all concerned to ensure that the good will and reputation of Kashmir Art and Craft is enhanced so that State's Identity Is protected alongwith Its economic interest.He said, in the recent review by Finance Minister, a road map has been anticipated for growth, promotion and employability and corporations have been given specific targets to ensure result-oriented activity.