SRINAGAR: Chief Minister Omar Abdullah on Sunday held a high-level interaction with a delegation of the Kashmir Chamber of Commerce and Industry (KCCI) at the Civil Secretariat in Srinagar, where he assured the business community of Jammu and Kashmir of full governmental support in the wake of the economic downturn triggered by the Pahalgam terror attack on April 22.
The meeting, attended by top bureaucrats including Chief Secretary Atal Dulloo, Additional Chief Secretary to the Chief Minister Dheeraj Gupta, and Principal Secretary Finance Shailendra Kumar, saw the KCCI, led by President Javid Ahmad Tenga, present a comprehensive two-part economic revival memorandum. The delegation comprised the Chamber’s senior office bearers and executive committee members.
The Chief Minister acknowledged the severity of the situation, stating, “The tragic events of April 22 have deeply impacted Kashmir’s economic fabric. The government will take all necessary steps to address these challenges, including formulating a special economic relief package that is distinct from regular demands and tailored to the unique consequences of this incident.”
He further announced that his administration would actively work with KCCI to refine the economic plan and jointly present it to the Union Government. “We are not just making appeals; we are building a case for targeted support,” the Chief Minister said, adding that Union Finance Minister Nirmala Sitharaman had responded positively to his preliminary discussion.
The KCCI memorandum called for immediate economic stabilisation measures such as a 5 per cent interest subvention on business loans, a one-time moratorium on repayments to protect borrowers from being declared NPAs, and a regional emergency credit line with flexible repayment terms. It also urged temporary tax waivers, introduction of soft loans for non-loanee enterprises, and revival schemes for ailing sectors like horticulture, tourism, handicrafts, and education.
KCCI also flagged issues concerning youth welfare, drug addiction, the state of sports infrastructure, misuse of educational grounds, wetland conservation, and power sector reforms. Specific sectoral appeals included reopening tourist destinations, extending Leave Travel Concession (LTC) benefits to Kashmir, revising lease policies, reducing GST on handicrafts to 5 per cent, and introducing a tailored crop insurance scheme for high-value crops like apples and saffron.
In response, Omar Abdullah assured that the concerns raised — including land litigation for industrial units, tourism promotion, parking issues in downtown Srinagar, and freight logistics for horticulture produce — would be addressed through departmental follow-ups and, where required, taken up with the Centre. He also committed to revisiting restrictions on travel to 48 tourist destinations and called for the promotion of intra-state excursions by schools and colleges.
“The economic downturn Kashmir is facing is not recent; it is a continuation of previous years. But the Pahalgam attack has sharpened the crisis. This is a time for urgent but carefully considered action,” he said, emphasising the government’s priority to support grassroots entrepreneurs such as small hotel owners, tourist transporters, and vendors.
“I am deeply worried about the Sumo driver who upgraded to an Innova, or the homestay owner who built a modest hotel. These are the people most vulnerable now. Our package must ensure their survival,” the Chief Minister stressed.
Omar Abdullah also revealed that he has proposed to the Prime Minister and the Parliamentary Affairs Department to hold standing and consultative committee meetings of Parliament in Kashmir to improve visibility and confidence in the region. Furthermore, his government will participate in upcoming Travel and Tourism Fairs (TTFs) in Kolkata and Ahmedabad to rejuvenate interest in Kashmir.
To curb malpractices that may tarnish Kashmir’s tourism image, the Chief Minister issued a warning against overcharging, misbranding, and the sale of counterfeit items, asserting that the administration would take strong action to uphold the integrity of the tourism sector. “Fair trade is not optional; it is essential for sustained tourist trust,” he said.
The KCCI expressed appreciation for the Chief Minister’s responsiveness and reaffirmed its willingness to work with the government in crafting a viable roadmap for economic recovery. “This constructive engagement is a positive signal in a time of crisis. We are hopeful that our joint efforts will steer Kashmir out of these economic hardships,” said KCCI President Javid Ahmad Tenga.
