SRINAGAR: Lt Governor Manoj Sinha on Wednesday said that Article 370 of the Constitution of India predominantly benefited individuals residing on a “specific road” allowing them to accumulate substantial wealth each year without participating in any kind of business, employment, or agricultural practice, reports appearing in media said.
Speaking at the Ghar-Ghar KCC Abhiyan and Swarozgar Utsav event in Jammu, Sinha said that following the abrogation of Article 370, a false narrative emerged to portray the advantages of Article 370 after its reading down in 2019, Jammu newspaper Daily Excelsior reported.
“Numerous tales were woven to deceive the general public. Article 370 had truly benefited only a select few individuals who, over time, formed a group and carried out exploitation in the name of development,” he said.
LG Sinha said that across generations, a specific class and their families did not undertake any work, business, or any other job. Despite this, they were able to build massive palaces, causing not only the general populace but even prominent business figures to be astonished.
Besides, he said, Article 370 also kept the conflict industry alive, exploiting it to crush many aspirations. However, a historic decision by Prime Minister Narendra Modi dismantled these narratives, bringing a significant change in Jammu and Kashmir, he added.
“I personally believe that there are three pillars of Jammu and Kashmir—women, youth and farmers,” Sinha said. “The abrogation of Article 370 marked the complete rise of these three powers. The decision to abrogate Article 370 was needed and now we are moving forward on the path of progress,” Sinha said.
Continuing his attack on Jammu and Kashmir’s successive rulers, he said: “Yeh Bank Kisi Kay Baap Ka Nahin Hain, Yeh Jammu and Kashmir Kay Aam Aadmi Ka Bank Hai. Jammu and Kashmir Ki Janata Ka Bank Hai (this bank isn’t anyone’s personal property. This Bank is of the common man of Jammu and Kashmir. This Bank is of Jammu and Kashmir’s people)”. The Jammu and Kashmir Bank should work for the interests of the people of Jammu and Kashmir, he added. “The past rulers of J&K exploited the bank solely to bolster their own wealth,” Greater Kashmir quoted Sinha as saying.
Jammu and Kashmir Bank was in Rs 1200 crore loss in 2019-2020. And, now after four years, the Bank is in a profit of Rs 1200 crore which will go up to Rs 1500 crore next year, he added.
Similarly, the Non-Performing Assets (NPAs) of Jammu and Kashmir Bank were 11.4 per cent in 2019 which has come down to 4.38 per cent in 2023.
Sinha said that the people living in the opulent places sustained their extravagant lifestyles by misusing the money meant for the development of Jammu and Kashmir.
