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| Making JK's financial system investment-friendly a distant dream | | | Early Times Report
Srinagar, Oct 6: The government is yet to initiate any concrete measure to simplify the financial system of J&K and make the state investment-friendly as promised by it.
Sources within the finance ministry reveal that the experts and people related to the JK finances are continuously raising the issue of the dilatory approach of the state authorities in making Jammu and Kashmir's financial system more investment friendly and more simplified and lucid.
A senior official in state's finance ministry said that reforming the financial structure and simplifying the system are the core initiatives which will ultimately provide an enabling environment gradually so that economic development gears up.
It was meanwhile informed that various measures stand already taken which will have over all positive impact shortly upon the state finances. "The government have enforced effective liquidity consolidation mechanism to address inflow/outflow mismatches on a day to day basis. The reforms being initiated take some time to permeate down the levels," reads the content of the information was given to the assembly this year about the issue. It was further revealed that elucidating the JK finances would be a herculean task and would require more time that what is being expected from the Jammu and Kashmir government over the issue.
However insiders divulge that the state authorities are in no mood to take any measure that would simplify the statefinances anytime soon. Furthermore, there hasn't been any action taken to make the JK's financial set up more investment friendly.
Sources said that the authorities in the state finance department while providing an excuse of repercussions of making thefinancial set up investment friendly submit that the finance department is poised to ensure fiscal and financial reforms y complying the provisions of FRBM Act, 2006. It is being stated that due to the recurrent fiscal stress over the past few years, the treasury operations in the state would get affected, ultimately affecting the normal business activities in the state. Since last year, this trend has been reversed by focusing on fiscal deficit corrective measures so that transparent and evenly flow of treasury operations are ensured to help smooth business activities.
It is worth to mention here that it is a fact that the World Bank in its report on assessment of state implementation of business reforms has put the Jammu and Kashmir state at serial no. 29 in its ranking in the country. "There has to be afinancial reform in the state or else the situation would be such that no investor would ever think to look at JK as a promising business destination. What has been promised about simplifying the JK's financial set up has to be implemented at an earliest and such can be achieved through the closer coordination between the financial experts and the government," says a senior official. |
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