Excelsior Correspondent
SRINAGAR, June 20: Kashmir Chamber of Commerce and Industry (KCCI) stated that the business community of Kashmir was undergoing a period of unprecedented stress and turbulence and heading towards financial instability.
A spokesman of the KCCI said that business organisations of Kashmir in their interaction with the Union Finance Minister on March 17, 2020 had been assured that the Govt was in the process of finalizing Kashmir specific interventions. The economic impact and job losses suffered by people engaged by the community in furtherance of their business undertakings, during the post August 5, 2019 period developments till mid-March were exhaustively explained.
The preliminary loss assessment report of the Kashmir Chamber of Commerce and Industry which has conservatively estimated the losses for a period of 4 months to be in the vicinity of Rs 18,000 Crores with 5 lakhs jobs lost was also discussed. Chamber was assured that the Government would be taking urgent policy decisions and interventions to protect the business establishments and economy of Kashmir. Due to the sudden infliction of the COVID-19 pandemic, all focus was understandably diverted towards controlling it’s damaging impact. With experts predicting a prolonged period of deep recession and massive GDP contractions, most of our sectors face permanent and irreparable damage.
The global focus has now shifted towards revival of crippled economic activities and India has also announced it’s intentions in this regard by the declaration of the Rs 20 lakh crore package. The details of the package have left us concerned because the distress of Kashmiri business community appears to have been left unaddressed.
He said Kashmir is undergoing the tenth month of what has now become the world’s longest lockdown which started with the issuance of Government Order No. Home-881 of 2019 on August 2, 2019 which advised tourists and yatri’s to curtail their stay in the Valley. The business community in Kashmir has exhausted its own resources and also facing huge debts of financial institutions.
The business community needs to be immediately relieved of all debts, contractual obligations and most importantly an environment conducive for business needs to be provided.
KCCI urged upon the Lt Governor GC Murmu, Chief Secretary BVR Subrahmanyam and Principal Secretary Finance AK Mehta to help the business community in Kashmir.
Follow our WhatsApp channel