Excelsior Correspondent
SRINAGAR, Oct 14: While seeking return of Power Projects from the Central Government to the State, the Jammu Chamber of Commerce and Industry (JCCI) and Kashmir Chamber of Commerce and Industry (KCCI) today announced constitution of joint study groups to focus on the working of four Public Sector Undertakings (PSUs).
The JCCI president, Rakesh Gupta and KCCI senior vice-president Nasir Hamid Khan addressed a joint press conference and spoke on series of issues, which are being faced by business community and people of State. The business bodies of two regions of State said that after deliberations, they have decided to constitute joint study groups to regularly make public the quantum of loss and wastage, political interference and lack of accountability in particular PSUs and most importantly their potential profitability.
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In this regard, they said that they would start this exercise with focus on JK Tourism Development Corporation, State Road Transport Corporation, State Power Development Corporation and J&K Cements Limited. Both the business bodies condemned the recent remarks of Union Power Minister, RK Singh who ruled out return of power projects to State and compare Jammu and Kashmir with Uttar Pradesh and other states.
“We respectfully submit that Jammu and Kashmir, because of its unique constitutional position can never be compared to Uttar Pradesh or any other State of the country. We have reason to believe that our resources have been exploited and would simply like to have our losses quantified and compensated,” the JCCI and KCCI representatives said.
They said the return of the Power Projects has been an important demand of people of Jammu and Kashmir and is based on facts, logic and is seen as a matter of right accrued due to the exploitation of State’s resources because of the Indus Water Treaty. “This demand is supported by political parties across the board and also finds reflection in the Agenda of Alliance of the two parties ruling the State,” they maintained.
With regard to restructuring of loans, the JCCI and KCCI proposed preliminary interventions by the State and Central Governments for resurrection of “sagging economy through a properly designed package”. They asked banks to make a clear distinction between chronic and willful defaulters and borrowers whose repayment capacity has been adversely impacted by the circumstances.
Referring to the enforcement of the SARFAESI Act they said, ” our respective Chambers are of the considered opinion that keeping in view the current conditions, any action taken under this Act would be a contradiction to the relief and rehabilitation measures being proposed and detrimental to the larger economic interests of the State.”
Referring to tourism sector, JCCI and KCCI said they realize that the immediate generation of business is critical at this stage. “Our Chambers propose to jointly lead a high powered delegation for direct interaction with the State Governments and Chambers of potential domestic markets across the country. It will be a promotional exercise primarily undertaken by the private sector and all major tourism bodies are requested to assist us in making this a result oriented promotion,” they suggested.
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