Submits 10-point bailout plan, says Pahalgam attack crippled Kashmir’s economy
SRINAGAR: A delegation of the Kashmir Chamber of Commerce and Industry (KCCI), led by President Javid Ahmad Tenga, met with Lieutenant Governor of Jammu & Kashmir, Manoj Sinha, at Raj Bhawan here. The meeting took place in the wake of the Pahalgam attack on April 22, which has severely impacted 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.
During the discussion, President Tenga highlighted that the business community had invested heavily in anticipation of steady economic growth. He expressed concern that the Pahalgam incident has not only shaken public confidence but also disrupted revenue streams for thousands of enterprises, many of which are now struggling to meet loan obligations. The situation is worsened by decreased cash flows, minimal tourist arrivals, and a general slowdown in business activities. The plight of transporters who have borrowed large bank loans was also discussed. Additionally, the KCCI urged the LG to prioritize tourism promotion as soon as possible.
The Chamber requested the Lieutenant Governor’s intervention for a relief package from the Central Government, similar to assistance provided after the 2014 floods and during the COVID-19 pandemic, emphasizing government and banking sector support.
The KCCI submitted a memorandum to the LG with the following key points:
1. Interest Subvention Scheme
2. One-Time Loan Moratorium with Account Classification Protection
3. Introduction of a Guaranteed Emergency Credit Line (GECL)
4. Soft Loan Facilities for Non-Loaned Enterprises
5. Tax Waivers
6. Transport-Related Tax Waivers
7. Power Amnesty for Commercial Consumers
8. Release of Pending Payments to Contractors
9. Tourism Promotion Initiatives
10. Extension of J&K Bank’s OTS Repayment Period and Introduction of New OTS Schemes as per MSME Guidelines
The Lieutenant Governor listened carefully to all the concerns raised. He assured the delegation that the government remains sensitive to the issues faced and that the suggestions would be reviewed. He also expressed support for measures aimed at providing relief to those affected and emphasized the importance of the economic sectors that have performed well in recent years, highlighting their employment potential and the need to sustain employment levels.
KCCI expressed its sincere appreciation to 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 to facilitate Jammu & Kashmir’s economic recovery and long-term prosperity.