Srinagar, June 22: Advocating for a roadmap to revive the dilapidated economic and financial conditions in the Valley, Kashmir business leaders Tuesday said that "long term policy is key to the revival of business in the valley." 

On Tuesday, KTMF held an oath ceremony of the newly formed body, during which participants termed the alliance between the trade associations as the key to reviving the business. 

The oath ceremony of the newly formed body of KTMF was held at Nigeen Lake during which trade leaders resolved to make progress in solving the problems of traders.

Co-Chairman of the Kashmir Economic Alliance Farooq Ahmed Dar was the Chief Guest while Chief Spokesperson of the Alliance Muhammad SidiqueRonga was the Guest of Honor.

Farooq Ahmed Dar, Co-Chairman of the alliance, said that after the catastrophic floods of 2014, the business sector in the valley has so far suffered a deficit of about Rs. 100,000 crore. "Taking a begging bowl to the government and bringing in a handful of aid could not completely restore trade nor improve the dilapidated economic situation," Dar said. 

Dar said that the Kashmir Economic Alliance had already demanded an independent financial institution. "Setting up this institution could play a key role in bringing the commercial sector back on track in difficult times." 

He said that KEA wanted the government to take the matter seriously.

"Although a short-term policy to revive trade is fine, but long-term policy can help pull the destructive trade sector out of this maelstrom," he said.

Addressing the function, President Kashmir Traders and Manufacturers Federation (KTMF) Muhammad Rajab Kochay said that the "business sector has been in deficit for the last two years, resulting in a loss of about Rs 50,000 crore." 

He said financial institutions should come forward to help traders so that Business could be restored. 

Kochay also urged the business leaders to come forward and work together to solve the problems of traders.

Addressing the function, Fayaz Ahmed Bhat, Senior Vice President, KTMF, while emphasizing trade unionism, said that the biggest misfortune of traders is that they are divided into separate cells. "Under the banner of a United Forum, I have been striving for unity among the traders for the last one year but the dream of comprehensive unity has not been realized yet."

Bhat appealed to the traders to distinguish between right and wrong "reject the vested interests and exploitative leadership of some."

Chief Spokesman of Kashmir Economic Alliance Muhammad SidiqueRonga also stressed on the unity of traders and said that the business leadership should speed up the process of resolving the issues. 

"Small traders and shopkeepers have been suffering financially for the past two years," he added. 

Apart from Central Contractors Coordination Committee Secretary Arshad Ahmed Bhat, Patron of KTMF Abdul Rehman Sofi, Vice President Merajuddin Khan and General Secretary Muhammad Ayub were also present on the occasion. 

Chief Spokesperson Nasrullah, Chief Coordinator Muhammad YaqubDoon, Additional General Secretary Ajaz Ahmed Bhat, Vice President Javed Ahmed Khan, Publicity Chief Sheikh Hilal Ahmed, Vice President Jahangir Rashid Bhat, Abdul Hameed Sheikh, Javed Ahmed Najjar, Dr Shaukat, Hilal Ahmed Bhat, Iqbal Ahmed Mattoo, Merajuddin, Abdul Hameed, DrSajad, Ghulam Mohi-ud-Din Bhat, Abdul Rauf and Shakeel Ahmed were also present on the occasion.