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September 20, 2020 01:00:00 | RK News

Business revival package mere eye wash: NC

‘How will Rs 1350 Cr help economy which suffered over Rs 40,000 Cr loss’

Jammu and Kashmir National Conference on Saturday termed the newly announced economic package of Rs 1350 crore for revival of local economy a "crude joke", saying the package is too diminutive to cover the whooping Rs 45,000 crore losses to Jammu and Kashmir 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 followed 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 crore and the recompense is just paltry Rs 1350 crore," Dar said.
Dar said out of Rs 1350 crore, a major chunk of the money has been earmarked to waive off the impending bills.
Dar 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 need of the hour called for 100 percent debt relief with interest subvention on incipient debts and preexisting ones also,” 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. Similarly, there is nothing substantial for the transport sector as well," Dar said.
Dar said the entire economic activity in J&K has suffered more reverses than the rest of the India in view of the earlier clampdown.
“The announcement is tantamount to rubbing salts into the wounds of people. The announcement is a plain jugglery of words and numbers,” he said.

 

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September 20, 2020 01:00:00 | RK News

Business revival package mere eye wash: NC

‘How will Rs 1350 Cr help economy which suffered over Rs 40,000 Cr loss’

              

Jammu and Kashmir National Conference on Saturday termed the newly announced economic package of Rs 1350 crore for revival of local economy a "crude joke", saying the package is too diminutive to cover the whooping Rs 45,000 crore losses to Jammu and Kashmir 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 followed 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 crore and the recompense is just paltry Rs 1350 crore," Dar said.
Dar said out of Rs 1350 crore, a major chunk of the money has been earmarked to waive off the impending bills.
Dar 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 need of the hour called for 100 percent debt relief with interest subvention on incipient debts and preexisting ones also,” 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. Similarly, there is nothing substantial for the transport sector as well," Dar said.
Dar said the entire economic activity in J&K has suffered more reverses than the rest of the India in view of the earlier clampdown.
“The announcement is tantamount to rubbing salts into the wounds of people. The announcement is a plain jugglery of words and numbers,” he said.