SRINAGAR: A delegation from the Kashmir Traders and Manufacturers Federation (KTMF), led by President Mohammad Yaseen Khan, met with Chief Minister Omar Abdullah at the Civil Secretariat today to address critical concerns impacting trade and commerce across the region. The meeting included representatives from all districts of Kashmir and focused on challenges facing the business community, which has been struggling with economic disruptions, regulatory pressures, and infrastructure deficiencies.
In a statement, KTMF President Khan highlighted the “widespread distress” and “growing sense of disconnect” felt by traders and manufacturers. “The business community in Kashmir has faced persistent issues over the past few years, affecting not only operations but the livelihoods of countless families,” he said.
A primary issue discussed was the approach of JK Bank towards local borrowers, with Khan alleging that the bank’s “coercive actions” were leading to public intimidation of borrowers. The KTMF requested a one-time settlement (OTS) policy aligned with Reserve Bank of India (RBI) guidelines to ease financial strain. Khan also pointed to a decline in lending activities by JK Bank, which has affected various sectors, and urged a revival of lending support for local businesses to foster economic growth. High interest rates, digital payment issues, and limited financial support for small traders were also cited as major concerns.
Khan raised concerns over unresolved rent settlements with key departments, including the J&K Wakf Board, Srinagar Municipal Corporation (SMC), Srinagar Development Authority (SDA), and the Estates Department. Delays in these agreements have added financial burdens to many traders. Additionally, he noted the critical issue of power outages, especially as winter approaches, with frequent cuts affecting business operations and essential services. Khan called for investment in infrastructure improvements and alternative energy sources, as well as an amnesty program for commercial consumers.
The KTMF delegation also highlighted the lack of adequate parking facilities, especially in historic areas like Downtown Srinagar, leading to severe congestion that hampers trade and emergency access. They requested designated parking spaces and expressed concerns about the impact of ongoing road widening projects on local businesses. Khan proposed a collaborative approach to balance development needs with the preservation of livelihoods.
Chief Minister Abdullah listened attentively to the delegation’s concerns and pledged to support the business community through accessible financing, streamlined policies, and investment in infrastructure. He announced plans to hold quarterly meetings with KTMF representatives to address ongoing issues and promote economic stability.
In attendance were key government officials, including Deputy Chief Minister Nasir Aslam Wani, Chief Secretary, and heads of finance, power development, industries, commerce, and tourism departments. The KTMF delegation included senior federation members and district heads from across Kashmir, who collectively urged the government to address the unique challenges facing local traders and manufacturers.
