All major industrial, trader association of Jammu have drawn the attention of authorities in the State and the Centre to the huge business losses Jammu traders industrialists, have suffered owing to natural calamity of flash floods in Kashmir. In the first place all of them have expressed great sympathy with the people of the Valley for the natural disaster that has wrecked the entire Valley’s economy and normal life. They said they share the grief and losses of the people of the Valley with whom they have historical trading bonds.
These organizations have reiterated that Kashmir and Ladakh are their major business partners and there is fairly good amount of trust between the traders of these regions. Good trade is a matter of trust. Thus while the Valley remains submerged in water and enormous losses have occurred to property, the case of the traders from Jammu deserve very sympathetic attention. These traders identify three main sources of loss/damages. These are blockade of their huge working capital, advance payments for goods and VAT refund. The money withheld under these categories runs in to hundreds of crores of rupees. In all a amount of over 550 crores is involved. In view of these losses the traders and industrialists from various parts of Jammu have rightly approached the Prime Minister with the request to consider their cases also while the Centre is readying relief package for the flood ravaged parts of the State. They have suffered indirectly in the sense that their working capital is blocked, their stores are submerged and they are not able to pay back bank loans in instalments which would have been done in normal course of things. There is strong justification in their pea to the Prime Minister as they are the victims of fallout of floods in Kashmir. It has to be reminded that industrialists from Kathua, Samba and Jammu have large stakes in the Valley. If they are not provided support many industries in Jammu may come to standstill and even some of these might be close to shut down. That will be a big blow to economic stability of the entire Jammu province and to the State.
What needs to be done immediately is that the department of industries should set up a damage assessment committee to go into the losses on account of blockade of capital and goods of Jammu traders and draw comprehensive list of these damages to be submitted to the Government for consideration of making compensation. But while that exercise would be on its way, the Central Government should make an announcement that while the relief operations are underway in Kashmir, a committee has been appointed to assess the same damages in Jammu region by way of fallout of the worsening situation in Kashmir. However, at the same time, the Chamber of Commerce, Trader, Industrialist Associations and other stakeholders have made very precise and meaningful suggestions to meet the emergency situation. The point is to bring some financial relief to the traders whose capital has been blocked indefinitely. Aware of the fact that conditions in Kashmir have not as yet returned to normalcy, the stakeholders have given valuable suggestions like postponement of advance Income Tax payments, allowing 6-months interest free period on existing loans and reducing interest rates for 5 years on existing credit, directing banks to offer liberal loans against credit by allowing 75 % cash credit limit for debts, waiving off the term loans, releasing the money blocked with Central Excise on account of litigation, extending Central Excise package of incentives as existed before 2008, allowing IT holiday for five years and assess and compensate losses suffered by Jammu industry.
In final analysis we reiterate that Jammu traders and business men, who have been instrumental in helping the State stabilize its fiscal position are also as much sufferers of ravages of floods as their counterparts in Srinagar. Their appeal to the Prime Minister should certainly be heard and responded to with sympathy and justice.
Trending Now
E-Paper
Follow our WhatsApp channel