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| KCC&I threatens of non-repayment of loans by business community | | | Early Times Report
SRINAGAR, Dec 17: Kashmir Chamber of Commerce and Industry (KCC&I) today threatened that businessmen would not repay their business loans in case the state and central governments do not improve the business situation in the Kashmir valley.
KCC&I Secretary General, Faiz Ahmad Bakshi said that the chamber has received feedback from various sectors of business in Kashmir that there is a downslide in the business activities. He said the chamber is very much concerned about the situation arising out of the down fall of business in tourism, handicraft and general trade in Kashmir.
"There are huge bank advances nearly 16000 crores at the back of the stakeholders in various sectors of our business which is now under the threat of serious decline. It is no guess that given the situation all the stakeholders accounts shall become NPA in due course of time which will have tough impact on the banks - more particularly the Jammu & Kashmir Bank operating in the state," said Faiz.
The KCC&I Secretary General said that low turnover and resultant liquidity position in the market has left the stakeholders high and dry apprehending total collapse of economic activity in the valley. He said the influx of tourists into Kashmir is negligible affecting all from hotelier down to transport/taxi/ shikara wala, the off take of handicraft product is miserable leading to lying off the artisans.
"The handicraft export has witnessed sharp decline over the past two years as it fell down from Rs. 1695.165 Crores in 2013-2014 to Rs 1287.04 Crores in 2014-15 and is on further decline showing through second quarter of the current year viz 2015-16 ending September 2015 recorded to have been Rs. 160.92 crores as against Rs. 201.20 Corers for the corresponding period of the year 2014-15," said Faiz.
The KCC&I Secretary General said that steep fall in exports has cascading effect on the state economy with multiple hazards for social and political life of people of state. He said the miseries faced by the business community are added to with perpetual 'harassment' from various departments.
"The Kashmir Chamber of Commerce & Industry would therefore impress upon the state/central governments to take such effective measures that will help the business regain its lost position before the situation goes out of hand without causing any type of harassment to the stakeholders in the meantime," said Faiz. |
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