Srinagar, Jan 23: Kashmir Traders & Manufacturers Federation (KTMF) the apex representative body of traders Kashmir has submitted a comprehensive Pre-Budget Representation to the Government ahead of the forthcoming J&K Budget, seeking urgent fiscal relief and long-term structural support for the trade and retail sector.
The memorandum was submitted in the presence of KTMF President Mohammad Yaseen Khan along with senior trade leaders Qazi Tauseef and Bashir Ahmad Rather, who reiterated the collective concerns of the trading community across the Union Territory.
In its submission KTMF stated that the trade and retail sector one of the largest employment generators in Jammu & Kashmir continues to face severe challenges due to liquidity constraints, high operational costs, regulatory uncertainties and prolonged seasonal slowdowns adversely impacting thousands of small and medium traders.
KTMF strongly advocated for interest subvention on working capital loans, cash credit and overdraft facilities and urged the Government to direct banks to ensure smooth credit flow, rational collateral norms and avoidance of arbitrary downgrading of genuine trade accounts. KTMF also demanded introduction of a trader-friendly One-Time Settlement (OTS) scheme and restraint on coercive recovery measures against stressed but bona fide borrowers.
Highlighting the growing vulnerability of markets to fire incidents KTMF pointed out that there is presently no dedicated policy or compensation mechanism for fire affected traders leaving them without any rehabilitation or support. The Federation urged the Government to create a Market Fire Safety and Fire-Affected Traders Relief Fund to provide immediate financial assistance, support business restoration and strengthen preventive fire safety infrastructure in congested markets.
KTMF sought budgetary allocation for development of dedicated parking facilities in district headquarter markets across Kashmir, stating that acute parking shortages severely affect customer footfall, create traffic congestion and hurt retail activity.
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KTMF also called for upgradation and modernisation of traditional markets, including improvements in fire safety systems, sanitation, drainage, lighting and allied civic amenities.
Raising concern over displacement caused by infrastructure projects, KTMF demanded formulation of a clear and binding rehabilitation policy for traders displaced due to road widening and urban development projects, including those affected along the Nagbal–Sonmarg and Narbal–Uri road widening projects, ensuring compensation and alternative accommodation to hundreds of affected shopkeepers.
Other key demands included rationalisation of sanitation and solid waste management fees, review of shop tax and other trade-related levies, a one-time regularisation policy for long-standing commercial buildings, constitution of a Trade Regulatory Board with Government and trade body representation and cleaning and restoration of small water bodies, drains and canals in market areas to prevent waterlogging and improve sanitation and aesthetics.
The meeting was attended by Ministers Sakina Itoo, Javaid Ahmad Dar and Satish Sharma; Additional Chief Secretary Dheeraj Gupta; Principal Secretary Finance Santosh D. Vaidya; Commissioner Secretary Industries & Commerce Vikramjit Singh; Secretary Social Welfare Sarmad Hafiz, besides senior officers from other departments.
KTMF expressed hope that the forthcoming Budget will address the genuine concerns of the trading community and provide meaningful relief to strengthen the backbone of the local economy. The Federation assured the Government of its full cooperation in all initiatives aimed at economic revival, employment generation and sustainable growth in Jammu & Kashmir.