Srinagar, May 23: Kashmir Chamber of Commerce and Industry (KCCI) has sought a relief package from on the lines of 2014 floods and Covid-19 to offset the losses incurred post Pahalgam terror attack.
A delegation of the Kashmir Chamber of Commerce and Industry (KCCI), led by President Javid Ahmad Tenga, today met with the Lieutenant Governor Manoj Sinha, at Raj Bhawan, Srinagar.
The meeting was held in the backdrop of the Pahalgam attack on April 22, which has had a severe and far-reaching impact on trade, commerce, Industry, tourism, transport, start-ups, Handicrafts, private sector employees, daily wagers, and allied sectors.
The KCCI delegation included Senior Vice President Ashiq Hussain Shangloo, Junior Vice President Fayaz Ahmad Punjabi, Secretary General Faiz Ahmad Bakshi, Treasurer Zubair Mahajan, and Executive Committee Member Mohammad Ibrahim Siah.
President Tenga conveyed that the business community had made significant capital investments in anticipation of sustained economic growth. The Pahalgam tragedy has not only shaken public confidence but has also disrupted the revenue streams of thousands of enterprises, many of which are now struggling to meet existing loan obligations. The situation is compounded by reduced cash flows, near-zero tourist footfall, and a general downturn in business activity. The plight of thousands of transporters who have borrowed huge bank loans was also discussed. The KCCI also impressed upon the LG the need for tourism promotion as the earliest.
The KCCI has sought LG’s intervention for a relief package from the Central Government on the analogy of the 2014 floods and Covid-19, with a focus on Government & Banking interventions.
The KCCI submitted a memorandum to the LG containing the following points:
Interest subvention scheme
One-time loan moratorium with account classification protection.
Introduction of a guaranteed emergency credit line (GED)
Soft loan facility for non-loanee enterprises
Waiver of taxes
Waiver of transport-related taxes
Power amnesty for commercial consumers
Release of pending contractor payments
Tourism promotion
Extension in J&K Bank’s OTS repayment and introduction of a new OTS scheme as per MSME guidelines
Lieutenant Governor listened attentively to all the points raised and assured the delegation that the administration remains sensitive to the concerns of the public. He acknowledged the challenges posed by the recent events and affirmed that the suggestions would be reviewed by the Government. He assured of his support in the decisions of the Government to provide relief to the affected. The LG stressed the role of economic sectors, which had performed well during the past few years, with huge employment potential to rise to the occasion and sustain employment.
KCCI expresses its sincere appreciation to Manoj Sinha for the opportunity to engage in this dialogue and for his assurance of support. The Chamber reaffirmed its commitment to working closely with the government for the economic recovery and long-term prosperity of Jammu & Kashmir.