Srinagar: Kashmir Chamber of Commerce and Industries (KCCI) delegation has expressed gratitude to the LG Manoj Sinha for his support of the business industry in Kashmir.
According to the KCCI spokesperson, the delegation thanked the LG for ensuring ease of business and providing packages to boost business.
“We apprised him of the need for the government must promote carpet village/city in Sumbal, Sonawari where we have thousands of artisans/weavers. We also requested that the industrial estate should be exclusive for the youth to encourage start-ups and should be leased for the youth.”
KCC&I also raised the issue of direct air connectivity from Srinagar to Sharjah, which will boost business
The LG according to the spokesperson. ensured that there were hiccups due to oil price fluctuations. Further, to boost the local economy, the defense department should be linked to local industries.
“The KCC&I also requested to devise a mechanism for automatic time-bound release of payment by the government as a substantial amount of capital of local industries is locked up due to delay in payments. To provide sustenance to the local industries, we urged the LG to provide working capital at concessional interest rates, waive off interest for the period of lockdown, reschedule of repayment plans, lower power tariffs and reduction of rental charges payable to SICOP and SIDCO.”
According to the spokesperson of the largest trading body, as the Kashmiri society is closely knitted, the bank defaulters will not be encouraged. However, the entrepreneurs who want to revive should be incentivized and those entrepreneurs who want to exit should be able to get a respectable exit. In the case of One Time Settlements (OTS), a standardized OTS Policy like it was done for the exposure upto 5 crores similar scheme should be done for people who have exposure to the tune of 50 crore.
“In the case of self-financed business establishments having no bank exposure, it is suggested a suitable capital infusion for such establishments on softer interest rates be made available,” the spokesperson said.