Aspiring entrepreneurs at receiving end

JKDFC General Manager doesn’t like to take dictation from State authorities

Srinagar, Dec 12: Jammu Kashmir Development Financial Corporation, a Government of India Enterprise has not benefited a single entity in the State, contrary the officials at the helm of affairs use dilly dally tactics and harass the aspiring entrepreneurs on the one or the other pretext.
JKDFC claims its motto is “Your partners in Industrial Development” but the ground reality is entirely different. Instead of encouraging entrepreneurs, it acts as road block for them. The recent example is of a woman entrepreneur from Kashmir capital Srinagar who wanted to establish a printing press but due to alleged callous attitude of the incumbent General Manager Iftikhar Hussain, took her mortgage back and shunned her idea of becoming self-sufficient and creating jobs for others.
“The objective of JKDFC is to carry on and transact the business of providing credit facilities and other Infrastructural support for promotion, expansion and modernization of industrial enterprises. But for me, it is an Enterprise that is in the State to discourage aspiring entrepreneurs,” said Shahana Fatima who hails from Kanikadal area of Srinagar city.
“I applied for loan to set up my own printing press at Khonmou Industrial area. JKDFC found my proposal viable and asked me to complete all the formalities. I even purchased land and submitted Rs 50,000 before the Corporation as mortgage. Even after fulfilling all the formalities, the incumbent General Manager Iftikar Hussain used dilly dally tactics and didn’t sign on the papers for final approval,” she said.
“I had placed orders for the required machinery. Frustration engulfed me when even after completing all the formalities General Manager JKDFC didn’t approve my project. Out of sheer frustration, I raised up the issue with Commissioner Secretary who rebuked General Manager for his callous attitude and directed him to sign my papers. Two days after when I approached General Manager JKDFC, he categorically told me that being the head of the Enterprise that comes under the purview of Centre, he doesn’t like to take dictation from the State authorities,” Fatima said adding that she was left with no option but to shun her idea of setting up her own business unit.
“Now I have taken the amount back that I had submitted as mortgage. My point is only to highlight the callous attitude of the official in command. It’s not only me who has suffered but there are dozens of aspiring entrepreneurs who burry their innovative ideas due to indifferent attitude of the said General Manager,” she said adding that even a complaint against the callous attitude of General Manager stands registered at the Chief Ministers Grievance Cell.
Despite repeated attempts, General Manager, JKDFC, Iftikar Hussain couldn’t be contacted. (CNS)