IN A MESS

At a time when the businesses across Jammu and Kashmir are bleeding, the government is working overtime for managing afresh Rs 100000 crores of investment to the UT to allay fears.

In December when Union Industries and Railway Minister Piyush Goyal were called on by five Kashmir trade and business leaders, they appreciated Delhi’s efforts to bring in new investment. But they had a query: “How can new investment sustain when the existing one is getting out of business?”

Detailing the crisis that the businesses across Jammu and Kashmir are facing in the aftermath of August 5, the Kashmir trio comprising Kashmir Chamber President Sheikh Ashiq, Farooq Amin, Shahid Kamili, Mushtaq Chaya and Mohammad Ashraf asserted that the government is duty-bound to bring the economy out of the morass. “Kashmir has seen investors coming, getting land allotted, claiming incentives and leaving for good,” Farooq Amin said they told the visiting minister. “The only real stake on long term basis is the local investor.”

Survival of the local business, in last more than 30 years when Kashmir remained closed for more than 3800 days because of curfew and protest strikes, is itself a miracle. “But even that has its limits,” Farooq said. “If it goes on and on, the businesses will collapse one day.”

“We sought rehabilitation of loans and term loans to the extent of at least 76 percent for the period of 2014 floods, 2016 unrest and the ongoing turmoil,” Shahid Kamili said. “We strongly suggested insurance against production loss because of the situation so that off-setting impact of the tensions can be hedged on jobs and the bank accounts. The minister said the suggestion was good and needs to be accepted.”