Excelsior Correspondent
Srinagar, Jan 7: The Federation of Chambers of Industries Kashmir (FCIK) today urged the 19-member Parliamentary Standing Committee to compensate for business losses suffered by Kashmir’s entrepreneurs due to law and order issues in the last three decades.
In a meeting, FCIK President Shahid Kamili and Advisory Committee member Shakeel Qalander informed the Committee, which is currently on a visit to J&K, that nearly “3,000 days of disruptions due to law and order” issues have caused severe financial losses, stunted growth, and forced the closure of many businesses.
“While the burden of financial obligations, such as bank interest, idle wages, taxes, and other expenses, left businesses unable to recover, no compensation was provided to them ever,” the Standing Committee was informed.
FCIK urged the Standing Committee to recommend the formation of a high-level committee to assess and document the losses incurred since 1989 “and explore compensation options for the central Government’s approval.”
This, the FCIK said, would help address long standing grievances and create a more favorable environment for industrial growth and recovery in the region.
FCIK also highlighted the “growing crisis” among Micro, Small, and Medium Enterprises (MSMEs) in J&K, driven largely by factors beyond the control of entrepreneurs.
It was also stressed that banks must recognize these challenges before resorting to harsh recovery actions.
Despite clear instructions from the Union Ministry of Finance for a more humane approach, FCIK criticized J&K Bank’s “aggressive recovery tactics” in the past three years, which, it said, included harassment and forced dispossession.
To mitigate the Non-Performing Asset (NPA) crisis, FCIK has called for grant-in-aid, soft loans, and the launch of a uniform, non-discriminatory Special One-Time Settlement (OTS) scheme by J&K Bank.
FCIK also expressed concerns about the recent OTS scheme launched by J&K Bank, which it believes favours the bank’s interests over the needs of local businesses.
A revision of the scheme has been urged in consultation with the J&K Government and stakeholders to ensure substantial reductions on NPA balances, waivers of unapplied interest, and a simplified process.
The Chairman and members of the Standing Committee responded positively to all concerns raised, FCIK said.
“They immediately requested Chief Secretary Atal Dulloo to address the issues falling within the jurisdiction of the J&K Government.”
The Chairman also urged the MD and CEO of J&K Bank to revisit the bank’s OTS scheme to better address the grievances of local stakeholders.
Follow our WhatsApp channel
