Kashmir Inc takes up issue of economic losses with PMO

Beleaguered business community of Kashmir today apprised the Prime Minister’s Office of Rs 18000 crore losses incurred by economy post August 2019.

Kashmir Inc which is representing over 50 business, tradeand commerce associations of Kashmir presented a memorandum in Prime Minister’soffice and held deliberations with the Minister of State in Prime Minister’sOffice DrJitendra Singh.

   

According to a spokesperson of Kashmir Inc, eight-memberdelegation met the MOS PMO to apprise him and the Prime Minister NarendraModiabout the worsening economy of Kashmir.

“We highlighted the miserable plight of the Kashmir’seconomy before the central government. The minister was apprised of thesituation through which Kashmir’s business community is passing. He gave(minister) us patient hearing and assured that all our issues will be taken upwith concerned agencies for redressal,” he said.

The spokesperson said Minister was informed about the RBI’smaster circular which was announced to give succor to the business communitybut on ground level it is no of help to us. “We underscored that there is needthat central government should direct RBI to come to the rescue of the businesscommunity of Kashmir who are on verging on bankruptcy. RBI should direct banksoperating in Kashmir to be compassionate in dealing with the business communityof Kashmir who are suffering losses because of none of their faults”

FarhanKitab, spokesperson of Kashmir Traders andManufacturers Federation, who was also part of the business delegation,informed that they submit a memorandum which had stated that “since 1990sKashmir business community has witnessed unrest for over 2400 days which isapproximately 5.5 years despite this situation Kashmir’s business community hasshown courage.”

“We urged the central government to come up with a policydecision where they could ensure that the interests of existing stakeholders istaken care of, we are against investment in Kashmir but at the same time itshould not be at the cost of local investor,” he said adding that ” issuesconfronted by small traders, transporters, hoteliers and other segments ofeconomy were also raised up during the meeting.”

According to an estimated submitted by Kashmir Chamber ofCommerce and Industries to Lieutenant Governor, GC Murmu, Kashmir in fourmonths from August 5 has suffered 18,000 crore economic losses and over 4 lakhyouth have lost their jobs due to internet shutdown, clampdown and unrest whichfollowed the decision of abrogation of Article 370.

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