Rs 1,350 cr package too diminutive to cover J&K’s losses: NC

Srinagar: The National Conference on Saturday termed the Rs 1,350-crore economic package for Jammu and Kashmir as a “crude joke”, saying it is too diminutive to cover the whopping Rs 45,000 crore losses to the Union territory’s economy.

Jammu and Kashmir Lieutenant Governor Manoj Sinha earlier announced the economic package to give a much needed boost to tourism and other sectors hit by the economic slowdown caused due to the COVID-19 pandemic and the security scenario. The so-called revival package for the economy is just hogwash to hoodwink people. The losses incurred by the industries sector post August 5 (last year) clampdown and succeeding COVID induced lockdown has broken the back of J-K’s economy.

This new economic package of Rs 1,350 crore for revival of local economy is a crude joke,†NC spokesperson Imran Nabi Dar said in a statement.

He said as per the figures given by Kashmir”s various economic bodies, the Valley”s economy suffered a loss of over Rs 40,000 crore and the recompense is just a paltry Rs 1,350 crore. And out of this (Rs 1,350 crore), a major chunk has been earmarked to waive off impending bills. In reality, the government has only given 50 per cent rebate on basic electricity agreement of only industrial units and not on the actual bill which amounts to lakhs which the local industrial unit holders cannot afford in the wake of the major slump the sector is facing since August 5 last year, Dar alleged.

The NC spokesperson said the package by no yardstick can cover the losses suffered by various sectors in the Union territory.He said the ailing industrial sector is not able to pay the amount overdue to banks.

Have the banks stopped taking installments on the loans? The answer is no. Lack of revenue will turn the already struggling industrial sector to non-performing assets in the wake of diminishing earnings…,” he said.

The NC leader said the revival package is also mute on the reverses suffered by horticulture and agriculture sector due to the vagaries of weather, post August 5, 2019 clampdown and succeeding coronavirus lockdown.

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 per cent, he said. The announcement has also mocked the miseries of transporters, who are at present in a state of despondency, he added.