Sagar blames banks for woes of industrial sector

Tahir Bhat


Senior National Conference leader and MLA Khanyar Ali Mohammad Sagar on Wednesday said that the failure of the banking sector in the state has been the main reason behind the failure of industries in the state.

While Speaking on the discussion of the demand for grants of the Industries and Commerce Department, Sagar said that the percentage of loans provided in the state by national banks is much less than the loans provided by same banks at the national level.

He said, “If a government wants to pass these grants they can pass them because on the ground this department doesn’t work for the small-scale industries.”

He said that the banks are only dream sellers for the poor people and adding that they have run pillar to post for the sanction of the loan but at last, they didn’t get loans.

He alleged that Industrialists from outside Kashmir get a heavy amount of loan from banks but small-scale industrialists are totally ignored.


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