Economy in difficulty; stimulus plan must restart it: Kashmir Inc
“The Kashmiri business community is well used to dealing with the crisis, but this time the Covid blockages have disappeared, at the same time there is no respite from the government. This time the administration is only busy collecting the taxes, whether it is SMC tax, GST or any other tax. We face a daunting challenge given that we have faced continuous foreclosure situations since 2019. Shutting down businesses for much of three years is grueling for any economy. “
“The government announced a meager interest subsidy of Rs 1300 crore which is nothing more than a cosmetic exercise. It is necessary to provide a comprehensive recovery plan that would inject funding into the UT economic system. “
Kashmir Economic Alliance co-chair Farooq Ahmad Dar has flayed the government for failing to give the business community a break. “Financial packages are only designed to help banks, which is just an insult to the business world. It will not help the economy to revive, but will only make businessmen, traders more burdensome. The pace of development activities is not up to par; it could have given a boost to the economy. The government is not worried about the current state of Kashmir’s economic situation, all it cares about is how much taxes it will collect, not thinking that the businesses have been closed for almost three consecutive years.
The president of the Kashmir Traders Association, Ajaz Shahdhar, also expressed his opinion on the deteriorating economy of Kashmir. He said the government had shown no significant interest in relaunching it. “The banks have not provided any help and neither has the government. This situation has led to a tightening of liquidity in the market which affects all segments of the economy. “