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J&K traders struggling with losses, raise issue before finance department

Last Updated on November 27, 2021 at 7:19 pm

The trade and commerce bodies of Jammu and Kashmir raised the issue before the finance department regarding the high losses they have been suffering.

A pre-Budget discussion regarding the crippling businesses of J&K was held between the representatives of 12 delegations from Jammu and 12 delegations from Kashmir with Finance Commissioner Atal Dulloo in Jammu, reportedly.

Though Covid-19 induced restrictions have been relaxed but the retail sector of J&K has yet to recuperate from losses incurred by them during the past few years.

The spokesman said that the delegations highlighted that the J&K has suffered economically in the past and business has incurred huge losses and further added that unemployment has also increased since the outbreak of Covid-19.

Also the issues regarding ailing industrial units, related to finance, banks, electricity, roll back of hike in GST rates applicable from January 2022, comprehensive economic package and release of Covid-19 relief fund were discussed.

Kashmir Chamber of Commerce and Industries (KCCI), has already submitted an assessment on losses last year to the Union government. To an utter shock, it suffered losses after August 5 security measures in Kashmir at ₹17,878 crores, with the agriculture sector at ₹2,827 crore followed by tourism at ₹2,615 crore. Moreover these losses have increased due to pandemic.

Finance Commissioner Dulloo assured the traders that their issues and suggestions would be taken into consideration and their genuine grievances would be resolved as soon as it is possible. He further added that the memorandums submitted by various delegations will be examined on merits and genuine issues will be resolved.