Too Little To Cover Rs 45,000 Cr Losses: NC

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Srinagar: Jammu and Kashmir National Conference on Saturday termed the newly announced economic package of Rs 1350 Cr for revival of local economy a crude joke, saying the package is too diminutive to cover the whooping 45,000 Cr losses to J&K economy.

The so-called revival package for the economy is just hogwash to hoodwink people, said Party Spokesperson Imran Nabi Dar.

He said the losses incurred by the industries sector post August 5 clamp down and succeeding Covid induced lockdown induced by the prevailing COVID-19 crises has broken the back of J&K’s economy.

“As per the figures given out by Kashmir’s various economic bodies, Kashmir economy suffered a loss of over 40,000 Cr and the recompense is just paltry 1350 crore. And out of this Rs 1350 Cr, a major chunk of the money has been earmarked to waive off the impending bills. This too is hogwash; in reality the government has only given 50% rebate on the basic electricity agreement of only Industrial units and not on the actual bill which amounts to lakhs which the local industrial unit’s holders cannot afford in wake of the major slump the sector is facing since August 5th last year,” Dar said.

“This by no yardstick can cover the losses various sectors suffered which are reeling under immense losses. They expected huge relief from the government in the form of big tax waivers on various components, but that has not been done. On the contrary the entire package has turned out to be damp squib,” he added.

The NC Spokesperson said the ailing industrial sector is not able to pay for the amount overdue to banks.

“Have the banks stopped taking installments on the loans? The answer is no. The lack of revenue will unfortunately turn the already struggling industrial sector to Non Performing assets in wake of diminishing earnings. The need of the hour called for 100% debt relief with interest subvention on incipient debts and preexisting ones also. Scores of budding entrepreneurs too are at the point of bankruptcy due to the diminishing returns,” he said

“The revival package is mute on the reverses suffered by the horticulture and agriculture sector due to the vagaries of weather, post August clamp down and succeeding lock down. The losses to horticulture due to weather vagaries was declared a national calamity, yet the recompense being doled out to them by the government was nothing comparable to the amount of actual losses, which the administration in its preliminary assessment had maintained was more than 50%,” he added.

The NC spokesperson further said that there was nothing substantial for the transport sector as well.

“The announcement has mocked the miseries of the transporters, who are at present in a state of despondency,” he said.

Dar said the entire economic activity in J&K has suffered more reverses than the rest of the country in view of the earlier clampdown.

“The announcement is tantamount to rubbing salts into the wounds of people. The situation is still precarious due to the ongoing COVID-19 crises. Unfortunately the government has failed to rise up to the expectations of the people and redress their genuine concerns. The announcement is a plain jugglery of words and numbers,” he said.

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