KCCI interacts with LG Sinha, highlights business situation in Kashmir

Srinagar, June 26: A delegation of Kashmir Chamber of Commerce and Industries, KCCI, during an interaction with LG Manoj Sinha and other key officials of the administration expressed its gratitude to him for his support to the business and industry in Kashmir.

In a statement issued to Ziraat Times,  KCCI spokesperson said that the delegation thanked the L.G for ensuring ease of business and providing financial packages to boost business in J&K.

According to KCCI spokesperson, L.G. Sinha gave a patient hearing to all the
impending issues of the business community.

Here is the full and unedited text of the KCCI’s media statement:

We apprised him the need that government must promote Carpet Village/City in Sumbal, Sonawari were we have thousands of Artisans / Weavers.

We also requested him 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 L.G., according to spokesperson assured that there were hiccups due to oil price fluctuations. Further, in order to boost 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.

In order to provide sustenance to the local industries, we urged the L.G., to
provide working capital at concessional interest rates, to waive off interest for the period of lockdown, rescheduling of repayment plans, lowering of power tariff and reduction of rental charges payable to SICOP and SIDCO.

According to 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 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 crores. “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.

We also requested him for extension of deadline for the completion of Units
which is 30th June, 2022 may be extended till 31st March, 2023 as most of the entrepreneurs have mostly started the construction and shall complete the projects till the new deadline . On this Honorable LG assured that it will be extended for all those who have started the construction work.

Similarly, to encourage artisans who are out of work due to stock pile up, there should be marketing promotion. KCC&I, has felt the need of having Expo Marts for Handicrafts, Carpets and all made In J&K products were we can Exhibit our products to national and International Buyers. In addition to this written representation was handed over to LG almost covering all sector wise issues.

Spokesman added that this type of positivity at highest level will create
confidence among local investors and thanked LG for such positive assurances and hoped that it will reflect on ground soon.