SRINAGAR: Reacting to the news reports that on the proposal of Finance Minister Dr Haseeb A Drabu, Reserve Bank of India (RBI) has agreed to examine extending the moratorium on repayment of all outstanding advances to the flood-hit people in Kashmir by one year, the Kashmir Traders and Manufacturers Federation this evening said that the initiative should be implemented in letter and spirit.
Terming the development a welcome step, the Kashmir Traders and Manufacturers Federation President Mohammed Yasin Khan who is also the Chairman of his faction of Kashmir Economic Alliance said the government has admitted that the economic recovery after last year flood has been slow.
One year after the floods, the economy of Kashmir, is struggling, for revival and by the time government compensates the victims, the extension of moratorium and grant of soft/interest free loans should not be any problem for the government, Khan said adding any such initiative will be hailed.
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