Excelsior Correspondent
Srinagar, July 17: The Kashmir Chamber of Commerce and Industry (KCC&I) today expressed concern at reports about the closure and privatization of Public Sector Undertakings and Government-owned Corporations.
In a statement issued here, the KCC&I stated that the privatization of PSUs was a long pending demand of the Kashmir Chamber of Commerce and Industry prior to the constitutional changes to Jammu and Kashmir.
The demand of the KCC&I, it said, was based on the wanton waste of assets, nepotism, mismanagement which had resulted in the raking up of liabilities of around 15,000 Crores and locked up critical economic assets of Kashmir in the shape of infrastructure, land, manpower, and sectorial potential of key areas.
“In normal conditions, the KCC&I would have welcomed the step towards privatization but post the constitutional changes made to Jammu and Kashmir in August, 2019, it has instead, become a cause of concern. After August 2019 the Government of Jammu and Kashmir has made changes to the mining policy which opened up the sector for non-locals, the statement said.
Now that policy decisions aimed at exposing of key economic assets of Kashmir to open the bidding and auction is being put into action, KCC&I said that it would be pertinent to raise questions regarding the protection and claim of the natives of Kashmir in this regard.
Speaking of disempowerment, the Chamber said that several political organizations have also described the move as “shocking” “appalling” and “unfortunate”.
The KCC&I said that it had been time and again inviting their kind attention to the pathetic condition of the PSU’s and the colossal drain the undertakings and corporations were causing to the economy of J&K.
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