Business revival package a mere eye wash: NC

Jammu and Kashmir National Conference on Saturday termed the newly announced economic package of Rs 1350 crore for revival of local economy as a mere eye wash.

In a statement, spokesperson Imran Nabi Dar said as per the figures of Kashmir’s various economic bodies, the economy suffered a loss of over Rs 40,000 Cr and the recompense is just paltry Rs 1350 crore.

“Out of this Rs 1350 Cr, a major chunk of the money has been earmarked to waive off the impending bills.  This too is hogwash; in reality the government has only given 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 5th last year.”

“Have the banks stopped taking installments on the loans?  The answer is no. The lack of revenue will unfortunately turn the already struggling industrial sector to Non Performing assets in wake of diminishing earnings.  The need of the hour called for 100% debt relief with interest subvention on incipient debts and preexisting ones also. Scores of budding entrepreneurs too are at the point of bankruptcy due to the diminishing returns,” Dar said.

“The revival package is mute on the reverses suffered by the horticulture and agriculture sector due to the vagaries of weather, post August clamp down and succeeding lock down. The losses to horticulture due to weather vagaries was declared a national calamity, yet the recompense being doled out to them by the government was nothing comparable to the amount of actual losses, which the administration in its preliminary assessment had maintained was more than 50%,” he said.

“There is nothing substantial for the transport sector as well,” he said adding that the announcement has mocked the miseries of the transporters, who are at present in a state of despondency.