Kashmir Inc seeks loan waiver upto Rs 5 lakh

Loan waiver for small borrowers upto limit of Rs 5 lakh, compensation for Information Technology sector, support to local industry and tourism sector were among several demands put forth by Kashmir Inc during their meeting with Union Ministers late Tuesday.

A delegation of Kashmir Inc- which is representing over 30 business and trade associations of Kashmir along with along with senior BJP leader, Member Central Waqf Council & Chairperson of Waqf Development Committee of Ministry of Minority Affairs, Dr Darakhshan Andrabi met a group of ministers including Union Home Minister Amit Shah, Finance Minister Nirmala Sitaraman and Minister of State in Prime Minister’s Office Dr Jitendra Singh in New Delhi.

According to a memorandum submitted by Kashmir Inc before Central government for revival of Kashmir’s economy, the business community has sought full waiver of loans upto Rs 5 lakh of small borrowers.

Besides, they have sought modifications in the RBI guidelines which were recently issued for rehabilitation of bank accounts. 

Kashmir Inc has demand 30 percent capital infusion coupled with restructuring of the accounts for a period of 07-10 years. Besides framing of one time settlement policy in view of the present situation of the business.

For hospitality sector, GST holiday has been sought for two years, apart for other demands.

The Kashmir Inc has sought revival of handicraft sector through active intervention of the government. Industrial sector has demanded purchase of locally manufactured products mandatorily for the UT government. 

Compensation for IT sector which had shift their bases from Kashmir during internet shutdown. Contractor’s liability should be cleared, the memorandum of demands read.

According to official statement, the delegation had a very extensive discussion with the high power ministerial group regarding the revival of business sector in J&K especially in valley of Kashmir which suffered a lot due to the security situation in Kashmir after the abrogation of Article 370.

The delegation presented the factual position of different business sectors including trade, transport, handicrafts, agriculture, horticulture, industries, commerce & tourism etc. Many concrete suggestions for revival of these sectors in losses were presented in a seven page memorandum.

According press statement, delegation included Shiekh Aashiq Ahmad, Iqbal Tramboo, Ashraf Mir, Adbul Wahid Malik, Muzamil Bachcha, Fayaz Azad, Shahid Kaamili, Farhan Kitab, Parvez Ahmad Bhat, Showkat Chaudhary, Majid Wafai, Abdul Hamid Wangnoo, Manzoor Pakhtoon, Nasir Shah, Balvinder Singh Raina, Sheikh Feroz Ahmad and Arshid Rasool were part of the delegation.

The statement said that Amit Shah assured the delegation that concrete steps will be taken for the revival of the business sector in J&K. He also emphasized that Central Government is committed to restore Statehood to J&K soon. Finance Minister Nirmala Sitaraman said that a comprehensive plan of action will be taken to address to the demands of the business fraternity of the UT.

MoS in PMs Office Dr Jitendra Singh said that the discussions have paved ways to address to the genuine demands of the business sectors of J&K. Thanking the group of Ministers for their patient and compassionate hearing and understanding the issues faced by the business sectors in Kashmir, Dr Darakhshan Andrabi expressed her hope that soon we will see a concrete and comprehensive rehabilitation policy for revival of J&K commerce from the central government which is committed to usher a new era of peace and progress in the troubled valley.

Show comments