Srinagar: The economic package for the revival of the ailing J&K economy has drawn a mixed response from the business community and political parties.
President Kashmir Chamber of Commerce and Industries (KCCI) Sheikh Ashiq told Kashmir Reader the response by the administration is appreciable but more steps are required for full revival of the economy.
President of Kashmir Trader and Manufacturers Federation (KTMF) Muhammad Yasin Khan said they had demanded Rs 1500 crore package to compensate losses of the last 13 months and he hopeful that more will come in future.
“Since the Lt Governor said it was a beginning, we are hopeful of more such measures in the coming days. We hope for interest waiver by financial institutions so that traders can fully recover from the losses,” he said.
The newly elected President of Federation Chamber of Commerce and Industries (FCIK) Shahid Kamli the package is a welcome initiative and a comprehensive package is required including 100 percent rebate on power and water bills and complete waiver of utility bills.
However, the National Conference said the package is a ‘crude joke’ and diminutive to what the losses of the JK economy required.
NC Spokesperson Imran Nabi Dar said that the Kashmir economy suffered a loss of over 40,000 crore and the recompense is just paltry 1350 crore.
“Because out of Rs 1350 crore, a major chunk of the money has been earmarked to waive off the impending bills, which in reality means only 50% rebate on the basic electricity agreement of only Industrial units and not on the actual bill which amounts to lakhs which the local industrial unit’s holders cannot afford in wake of the major slump the sector is facing since August 5 last year,” he said.

Junaid Nabi Bazaz