MIRPUR ( AJK): Sep 06 (APP) : “India has never been sincere in reviving industry in Muslim-majority Indian occupied Kashmir State since Delhi want local industry to bite the dust”.
These views were expressed by former President of Kashmir Chambers of Commerce And Industry, Occupied Srinagar Dr. Mubeen Shah, currently based in Turkey in exile, while talking informally to APP over phone on Wednesday over the bleak fate of the trade and industrial sector in turbulent internationally acknowledged disputed Indian occupied Kashmir valley.
“In 2005 and continually in 2006, we in the Kashmir Chamber of Commerce and Industry (KCCI) had proposed to the Jammu Kashmir Bank, the bank which has been made successful by Kashmiris, by withdrawing from all Indian banks money and depositing in JK bank) the cost of money to them even at times zero and them making money and becoming big as they are now”, he underlined.
Dr. Mubeen continued that the proposal was that the once the revival and rehabilitation was approved by the industries department the Revival Commitee on which the original bank /Sidco were present, would either do the revival Or JK bank would agree to do the revival, he said.
The exiled ex President of the Occupied Kashmir Chamber of Commerce and Industry Srinagar stated that the model was proposed to be to make an OTS ( one time settlement) with the old bank/Sidco and then this amount with the amount taken for revival would be financed by the Jk bank and the unit could be revived.
This model was designed on the same model by which businesses were revived in Malaysia when there was an economic crisis after the ringgit failure. “This model was approved by the JK Bank management then after thorough negotiations”, he pointed out.
Dr. Shah said that this was the only feasible model to get the revival done. He added that some revival was done but unfortunately, the banks chose the model if one time settlement (OTS ) without going to the other stage which is against the basic thing that in majority of cases the sickness was due to circumstances beyond the control of the local Kashmiri entrepreneurs in the occupied State”, he underlined.
“Since the above is not implemented in letter and spirit revival of sick industries will be a pipe dream in the strife torn Indian occupied Jammu Kashmir State”, the seasoned Kashmiri business expert from IIOJK, passing life in exile abroad, concluded.