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| Jammu business, industries suffering from soaring debt of banks: CF | | | Early Times Report
Jammu, Sep 2: Citizen's Forum appreciated Finance Minister Nirmala Sitaraman for admitting the drastic fall in the economic growth of the country, resulting in the depression in business and industry and thus effecting Jammu region in maximum. Majority of small business and industries are paying bank interest and installments from their savings because of the prevailing security situation on border and IOC for the last many years. They are also getting threats from Bankers for converting their loans and totally used up working capitals into NPA thus adversely impacting their credit reports.
Also Jammu does maximum business with Kashmir which is affected at present heavily. R K Chadha President Citizen's Forum said Jammu business and industries is suffering from soaring debt of banks, because of the weakened demands. Jammu industries and business facing enormous problems and we request Finance Minister to provide financial assistance and all other financial benefits to avoid becoming these units insipid or sick ultimately turning in to NPA.
Helping few large industries in the country and reduction in interest is not the solution unless strong domestic macroeconomics fundamentals should act as a buffer against volatility. We request to waive off or defer the interest of Small and MSME business for 6 months to give them the buffering time till economy of the country and State is revived. |
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