Hit by lockdown, traders seek loan interest waiver

Srinagar, December 24

Hit hard by the four-month lockdown in the wake of abrogation of Article 370, Valley traders are seeking waiver of interest on bank loans. Though shops have started opening again, the traders say they need incentives from the government to revive their businesses.

“Overall, the business activities in Kashmir have always been affected but we suffered huge losses after August 5. Traders had taken loans and are now struggling to revive their businesses. The government and authorities, like the J&K Bank, should come to our rescue and create a conducive atmosphere for the revival of trade and at least waive off interest on bank loans,” said Kashmir Economic Alliance (KEA) vice-chairman Aijaz Shahdhar.

He said traders were still suffering losses due to the suspension of Internet services. “Other factors, like the frequent closure of Srinagar-Jammu highway and suspension of air traffic, are other roadblocks in smooth flow of trade. Unfortunately, Internet continues to remain off even now,” Shahdhar rued.

Even as postpaid mobile service was restored on October 14, Internet and prepaid services remain suspended since August 5. As per the KCCI estimates, the Valley economy has suffered loss of Rs 18,000-crore so far. —TNS