Kashmir Inc says economy in dire straits, awaits sops
M Aamir Khan
Tribune News Service
Srinagar, March 8
Hit hard by months of lockdown post the abrogation of Article 370 in August last year and prior spells of unrest, Valley’s business leaders say Kashmir’s economy is in tatters. They say the government should come forward in a big way to rescue the business community.
‘Need for concrete policy’
As per the Kashmir Chamber of Commerce and Industries report, Kashmir’s economy had suffered a loss of around Rs 18,000 crore in the first 120 days after August 5, 2019
Kashmir Chamber of Commerce and Industries president Sheikh Ashiq said capital infusion was the need of the hour and the government should come up with a concrete policy for the revival of businesses.
Kashmir Chamber of Commerce and Industries president Sheikh Ashiq said capital infusion was the need of the hour and the government should come up with a concrete policy for the revival of businesses.
“The business community suffers the most during any unrest and we have come across many from 2008 to 2016. We also faced the floods in 2014 and then the losses mounted from August last year. There is no income, so we need capital infusion. We presented this demand among others before the government at a meeting recently. There is no income and we do not want to shut our factories and units. There has to be a concrete policy,” said Ashiq.
Patron, PHD Chamber of Commerce and Industry, Kashmir Chapter, Mushtaq Chaya said the government had to ‘do something’.
“There is no tourism, no business. The government has to do something. This is not the first time that the business community is facing problems. We have always suffered losses and we need major sops for the overall revival of our economy,” said Chaya.
‘No income, so need capital infusion’
The business community suffers the most during any unrest and we have come across many from 2008 to 2016. We also faced the floods in 2014 and then the losses mounted from August last year. There is no income, so we need capital infusion. We presented this demand among others before the government at a meeting recently. There is no income and we do not want to shut our factories and units. There has to be a concrete policy.
Several business bodies recently issued joint full-page advertisements in local dailies, alleging harassment by banks.
“After 2019, the business community is completely devastated and exhausted. Our survival is under threat. It’s a humble submission to banks that they should stop calling us defaulters. Many are circumstantial and not willful defaulters,” the advertisement had read.
After the advertisement was published, business leaders were called for a meeting with the authorities. The business leaders say they are now awaiting announcement of measures by the government.
“There were some pending commitments from the government. An installment of (September 2014) floods rehab compensation is pending. We raised the same demand including others such as 30 per cent capital infusion,” said Farhan Kitab, media head, Kashmir Traders and Manufacturers Federation.
As per the Kashmir Chamber of Commerce and Industries report, Kashmir’s economy had suffered a loss of around Rs 18,000 crore in the first 120 days after August 5, 2019.
