Financial consultancy pitches for subsidized bank interest rates

Srinagar: To mitigate the economic losses to Jammu and Kashmir due to devastating floods last month, a Valley based financial services consultancy has asked for concerted effort by the state government and government of India with support from civil society for rehabilitation and rebuilding work. It has also demanded subsidized bank interest rates for flood hit houses and business.
“Since the magnitude of damage is huge and a massive rehabilitation package needs to be organized therefore we should not expect everything from one source like, government of India, state government or the civil society but a collective effort can see emergence of a new Jammu and Kashmir,” Mushtaq Ahmad Mir, director of the ‘Wizkid Consultancy and Financial Services Private Limited’ in his letter to the governments said.
Mir said for designing rehabilitation cum economic package that would be long term and sustainable a planned, generous and apolitical solution to this problem is needed.
“Along side the state government and government of India, corporate sector and NGOs must also join hand for rehabilitation and reconstruction,” he said.
Mir asked for prioritizing relocation expenditure of flood hit people and compensation to the people who suffered business losses. “State must be provided expenditure for renovation of hospitals and educational institutions,” said he.
“All the banks must participate in lending process with subsidized interest rates and extended moratorium periods, special loans for renovation of houses and sympathetic look on agricultural loans,” Mir demanded.