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NC demands effective stimulus package for local businesses, transporters

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Srinagar: Jammu and Kashmir National Conference on Monday sought an effective and inclusive fiscal stimulus package for Jammu and Kashmir economy to tackle with the impact of Post August 5 clampdown and COVID-19 induced lockdown saying that there can be no escape from the fact that that local businesses including public transporters are on the brink of collapse.

“With the Kashmir economy sliding into an abyss, to assume that the traders, small scale manufacturers, tourism players and transporters will pick up on their own with the opening up of COVID-19 induced lockdown is no less than a wishful thinking”, said party’s Members of Parliament Muhammad Akbar Lone and Hasnain Masoodi ina statement issued today.

“J&K economy has suffered a whooping Rs 270 crore per day due to the COVID-19 induced lock down and the previous year’s clampdown following August 5th. Due to the continuous losses in Kashmir, borrowers of financial institutions have lost their capacity to keep their businesses afloat and pay wages to their employees. Substantial numbers of accounts have also become bankrupt, and scores are unfortunately contemplating closing their businesses. The situation of people associated with transport, tourism, and agriculture is no different. Horticulture and arts and crafts sector has also faced the major brunt of the situation,” they said.

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