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| CCI apprises FM about deteriorating state economy | | | EARLY TIMES REPORT
Jammu, Nov 19: Y.V. Sharma president Chamber of Commerce & Industry has written to Finance Minister J&K Government that the turbulent conditions in the valley have jolted the economic scenario of the state.
The whole economy is shattered and industry and trade are the worst hit sectors. The business of all the three regions of the state is inter connected and Jammu region acts as the feeder to both the regions of Kashmir and Ladakh as the distribution channels and most of the industry is located in Jammu.
Many industries are on the verge of closure due to unrest in the valley as there is no demand for their products and the money has been blocked, said the press statement issued here today.
The Kashmir is the worst hit as tourism could not flourish due to unrest thus hitting the economy of the valley which has serious repercussions on the economy of whole of the state. Due to natural calamity of cloud burst the people of Ladakh also have suffered and the economy was badly hit.
All these circumstances have resulted in jamming the business activities and the business man is burdened by excessive bank interest as the money is not rolling back. Moreover in many of the cases the accounts are threatened to go NPA. Various industries are on the verge of closure due to no demand for their finished products. Most of the industries located in Jammu region are the feeding line to the valley.
The minister was requested to take the case with Reserve Bank of India to grant sufficient relaxation in terms of waving off interest and not letting the accounts go NPA and also lowering bank interest for trade and industry of J&K.
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