KTA delegation meets LG, raises key business issues

Srinagar, Sep 07: A delegation of the Kashmir Trade Alliance (KTA), led by its president Aijaz Shahdhar, met with Lieutenant Governor of Jammu and Kashmir, Manoj Sinha at Raj Bhawan, on Friday to discuss a range of issues affecting the traders and business community of Kashmir. The meeting focused on various matters that require urgent government intervention to support the local economy.

A statement said that during the meeting, Shahdhar highlighted several pressing concerns, including the need for an extension of the Power Amnesty for commercial customers. He also emphasized the need to expedite the pace of Smart City projects in Srinagar and Jammu, which he said hold significant transformative potential for urban development in the region.

“The Smart City projects in Srinagar and Jammu hold transformative potential for the urban development of these cities. However, the slow pace of implementation has raised concerns among the local business community," said Shahdhar. "We request your intervention to expedite these projects, ensuring their timely execution. Involvement of local businesses and stakeholders in these projects would not only accelerate the development process but also ensure that these projects are well-aligned with the community's specific needs and foster inclusive economic growth.”

Another major issue raised by the KTA was the extension of the Jammu & Kashmir One-Time Settlement (OTS) Scheme for Non-Performing Assets (NPAs). Shahdhar noted that while the OTS scheme has provided essential relief to businesses burdened by NPAs, many enterprises are still struggling financially and have not been able to benefit from it.

“We request an extension of the OTS scheme to give more businesses a fair opportunity to settle their dues, stabilize their finances, and re-enter the economic mainstream. This extension would also encourage a healthier credit environment and restore the financial health of the business ecosystem,” Shahdhar stated.

The delegation also brought to the notice of the Lieutenant Governor the issue of a shortage of staff at various Jammu and Kashmir Bank branches across the region, which is affecting banking services. Umer Jan Wani was also part of the KTA delegation.

Lieutenant Governor Manoj Sinha assured the KTA delegation of a positive response to the issues raised. He acknowledged the concerns of the business community and expressed his commitment to addressing them in a timely and effective manner. The LG reiterated his administration's support for fostering a conducive environment for economic growth and development in Jammu and Kashmir.