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U.P. to close 3,616 sick SSI units

They have been given time till June for revival

LUCKNOW: The Uttar Pradesh Government on Friday announced to close down 3,616 sick small scale units in next one month, if they were not revived by then.

State Small Industry Minister Jagdish Singh Rana said around 3,616 units, which turned out to be sick in the year 2005-06, have been given time till June for revival.

``During the last fiscal, over 1,500 units were closed down due to various reasons,'' he told reporters here.

Mr Singh said against the target to set up 30,000 small scale units in U.P. in last financial, U.P. achieved a mark of 30,256 units with total investment of Rs.262.76, crore and generating employment for 1.25 lakh people.

The Minister said in order to revive the ailing small industrial sector, the Government had started One-Time Settlement (OTS) scheme, under which financial defaulters had been asked to pay the amount of their loan, while the interest had been waived off.

``Till now, more than 8,000 OTS application have been received by the department,'' he claimed. At present, the industrial units owe over Rs.5,000 crore as loan money to the Government. - UNI

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