Kashmir Traders and Manufacturers Federation (KTMF), under the leadership of General Secretary Mohammad Altaf Dar, is committed to addressing trade-related issues affecting shopkeepers and small traders across the valley. Affiliated constituents, tehsils, and districts are encouraged to share their experiences for the betterment and unity of the trade fraternity.

Traders currently grapple with a severe economic downturn, with bank Non-Performing Asset (NPA) cases exacerbating the crisis. The staggering NPA amount stands at ₹3100 crores, with only ₹400 crores recovered to date. This situation places affected traders in a state of inconvenience and stringency, emphasizing the need for a united effort to tackle this substantial liability.

Financial institutions and banks have extended attractive One-Time Settlement (OTS) schemes for NPA account holders. However, prevailing economic conditions hinder the trade fraternity from fully availing these schemes. Gratitude is extended to these institutions, but urgent intervention is required from authorities to prevent further destruction of traders in the Union Territory of Jammu and Kashmir.

Trade representatives have submitted proposals to Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman, seeking their support to rescue traders in the region. The business community anticipates a comprehensive package similar to past industrial packages, aiming to alleviate the burden of this substantial liability. Such measures would not only support the revival of business activities but also generate employment opportunities, revitalizing defunct and stagnant establishments.

KTMF calls upon the concerned authorities to address these pressing issues promptly, ensuring the sustainable functioning of businesses in the Union Territory of Jammu and Kashmir.CNI