The Biz Reporter
Srinagar, Apr 15: The President Kashmir Chamber of Commerce and Industry (KCCI), Mr. Javid Ahmad Tenga, today called on the Hon’ble Lieutenant Governor of Jammu & Kashmir, Shri Manoj Sinha, Lok Bhawan, Jammu. He apprised the Lt. Governor of critical issues impacting trade, commerce, Industry, tourism and the overall economic environment in Kashmir.
At the outset, Mr. Tenga presented a comprehensive overview of the prevailing business scenario in the Valley, underlining that multiple sectors continue to face structural and policy-related challenges. He highlighted that despite resilience shown by the business community, there is an urgent need for targeted interventions to restore confidence, improve liquidity, and ensure sustainable economic growth.
A key issue raised during the meeting was the pressing need for a long pending special One-Time Settlement (OTS) scheme tailored for borrowers as per MSME norms. The KCCI President urged the Lieutenant Governor to facilitate necessary directions in this regard, stating that a large number of businesses remain financially stressed due to accumulated liabilities over the past several years.
He also strongly flagged concerns over the ongoing practice by banks of “naming and shaming” borrowers through public notices in newspapers, describing it as socially counterproductive and detrimental to already distressed entrepreneurs. Mr. Tenga emphasized that such measures not only damage reputations but also deepen the socio-economic crisis faced by business families, and called for immediate intervention to halt the practice.
The discussion also focused extensively on the New Central Sector Scheme (NCSS). While acknowledging the scheme’s importance in attracting investments, Mr. Tenga pointed out that the initial outlay of ₹28,400 crore had been fully exhausted by September 2024. Since then, the absence of incentives has created uncertainty among potential investors and stalled new proposals. He urged that the allocation under NCSS be substantially enhanced to ₹75,000 crore to sustain industrial momentum. Furthermore, Tenga proposed that at least 25% of the enhanced allocation be earmarked exclusively for entrepreneurs from Jammu & Kashmir, to ensure equitable participation and local economic empowerment.
Mr. Tenga also stressed the critical importance of tourism promotion, noting that the sector continues to serve as a backbone of the region’s economy. He called for a structured and sustained promotional strategy, improved infrastructure, and policy support to maximize tourism potential and generate employment.
The Lieutenant Governor, Shri Manoj Sinha, gave a patient and attentive hearing to the issues raised and assured that the concerns would be examined on priority, with appropriate steps to be taken to address them.
Mr. Tenga was accompanied by Executive Committee Member Mr. Zubair Mahajan during the meeting.
