Excelsior Correspondent
SRINAGAR, Apr 8: After their meeting with Prime Minister Narendra Modi earlier this week, the Kashmir Chamber of Commerce & Industries (KCC&I) today said that their hopes are high that the Government of India will address the issues that were raised during the meeting while highlighting that the PM assured them everything possible to alleviate the problems faced by the business fraternity in Kashmir.
Talking to the reporters here, president KCC&I Shiekh Ashiq said that they were for the last few years pursuing the meetings with the union ministers and were not able to meet the PM due to COVID.
“This meeting was scheduled earlier, but could not happen due to COVID and we were then told that the meeting was postponed not cancelled,” he said.
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He said that it was more than a meeting and interaction “because we were there to raise the issues of people currently facing in Kashmir and that there is a need for highlighting the issues of the business fraternity on higher platforms for an early and speedy resolution of the same.”
Ashiq said that there is a need for policies to be brought in for the betterment of the business fraternity and that the KCC&I does not want any business to close down due to the issues at hand.
“The meeting was held in a cordial manner. We discussed issues related to banking, economy, air connectivity, national highways, the start of Srinagar-Jeddah flights and also raised some technical issues regarding Srinagar-Sharjah flights along with the soft loans for the young entrepreneurs,” KCC&I president said.
In the memorandum which the business delegation presented to the PM, it was stated that the number of Umrah pilgrims to Saudi Arabia from J&K is increasing and the Umrah Groups are conducted by various tour operators who arrange their travel through various Airlines.
“These airlines operate via Delhi which is reported, does not suit the pilgrims because it adds to the travel time and also becomes more often inconvenient for them to change the aircraft,” KCC&I said, adding the pilgrims would, however, feel it more convenient to fly from Srinagar to Jeddah directly.
With regard to the resolution of issues faced in the banking sector, KCC&I said that for accounts that are NPA post-2014 and need a revival package, it was suggested that deep re-structuring which converts their principal liability into a term loan with a waiver in the unapplied interest similar capital infusion up to 20% with a moratorium of 2 years. “A fairly extended repayment schedule of about 07-10 years be made applicable to them.”
Also, 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,” it said.
KCC&I president said that the PM assured that the issues which the business delegation raised will be looked into for resolution.
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