The Biz Reporter
Srinagar, Mar 21: The Kashmir Trade Alliance (KTA) has voiced strong support for contractors and suppliers across Kashmir, calling on the government to immediately release pending payments estimated to be worth several hundred crore rupees.
In a statement issued today, KTA President Aijaz Shahdhar emphasized that releasing these long-overdue payments would provide much-needed stimulus to Kashmir’s struggling market. “The market in Kashmir is witnessing a significant slump. If the pending bills of contractors are released, this money will be pumped into the market, giving some hope to the business community that has been facing challenging times,” said Shahdhar.
The KTA highlighted the dual benefits of releasing these funds – not only would it help reinvigorate the local economy, but it would also address the pressing humanitarian concerns affecting hundreds of contractors and their workers.
“This is fundamentally a humanitarian issue as hundreds of contractors and government suppliers are awaiting payment for work they’ve already completed and expenses they’ve already incurred,” Shahdhar noted. “We must also consider the ripple effect on workers and allied personnel involved with these projects, whose livelihoods depend on these payments.”
KTA pointed out that many contractors have been forced to take loans or deplete their savings to complete government projects, with some waiting months or even years for reimbursement. This financial strain has caused significant hardship for many families across the region.
The KTA has requested to find a swift resolution that would benefit both the contractors and the broader business ecosystem in Kashmir.
