President Industrialists Association expressed grief over loss of lives in J&K due to Covid-19

Says, government support must for revival of business establishments

Srinagar: Imran Murtaza President Industrialists Association Khonmoh has expressed grief over loss of lives in J&K due to Covid-19 and has said the government should support industries for their revival as they suffered huge losses due to Covid-19 lockdown.

In a presser at Srinagar, Imran expressed sorrow and grief over the loss of lives in J&K due to covid 19. He appealed people to follow SOP’s and abide by the Govt advisories religiously.

Highlighting the need to cater to the dwindling economy, Imran according to ANN News said that manufacturers not only provide livelihood to over 150000 households in J&K, but industries have been elemental in filling govt coffers through taxes.

He said that the grim scenario witnessed since last three years is resulting in rampant foreclosures, job cuts and bank defaults.

This has also exposed the banking sector to a huge risk. Any failure in this sector will have ripple effects in other sectors of the economy, he added.

He said pandemic like this is not just a small incident but shock of the century and therefore deserves to be handled in an equally magnanimous approach.

Merely reconstruction of loans is not the solution for the survival of industries. He requested government to establish a committee and come up with a sizeable bailout package and reconstruction of industries.

The Govt has size, scale, authorities and resources to raise funds and save the bleeding blance sheets of industries from perishing then only we will be able to pay taxes, create employment and repay our loans.

Factory owners at individual level have lost all capacity to this third consecutive and colossal lockdown.

“I want to put on record here if Govt doesnt bail us out, we will not be able to pay loans, pay taxes and even provide a dignified life to our employees and our families,” Imran said as per ANN News.

He compared industrial loans to the automobile loans and found no difference in two.

He said even the financial engineering done on products like Housing loans are far better than the industrial loans.

The industries in Jammu and Kashmir are suffering huge losses since last two years and there is no more hope of its revival unless there is no government support in terms of long term hand holding.