KCCI delegation discusses economic revival measures with LG
The Biz Reporter
Srinagar: A delegation of the Kashmir Chamber of Commerce and Industry (KCCI), led by President Javid Ahmad Tenga, today met with the Hon’ble Lieutenant Governor of Jammu & Kashmir, Shri 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 (GECL)
- 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 NEW OTS SCHEME AS PER MSME GUIDELINES
The Hon’ble 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 on 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 Shri 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.
