Srinagar: Since the Covid 19 pandemic occurred in Jammu and Kashmir regions, all the entrepreneurs are suffering to survive and majority of them are facing huge hardships for repayment of bank loans which they utilized for the establishment of their business units.
Babar Chowdhary, President Kashmir Youth Entrepreneurs Federation (KYEF) strongly appeals to Jammu and Kashmir Lieutenant Governor Manoj Sinha for his intervention for providing a helping hand to all the young entrepreneurs to announce special soft loans for all the young entrepreneurs for the survival of all their business units.
“The special initiative of soft loans should be kept with minimum interest rates and will become a strong backbone for all the young entrepreneurs to run their business smoothly and will make loan payments on time to their lending banks and moratorium period should be kept at five years,” Babar Chowdhary said.
He said that the initiative of Mission Youth of Jammu and Kashmir government launched recently has made a groundbreaking objective to act as a conduit for aspirations and concerns of youth of J&K as the mission is intended to provide a platform for unparalleled transformation of the youth into ambassadors of hope, peace and socio-economic growth through systematic interventions across various domains but it is not so beneficial for young entrepreneurs on ground.
Babar welcomed the establishment of a special grievance desk by Jammu and Kashmir Bank at Zonal Office Srinagar for swift settlement of all bank related grievances of young entrepreneurs on time as it got success only as Kashmir Youth Entrepreneurs Federation had already discussed the matter with all the higher management of the bank earlier.
He further said, “During the last three years of Covid 19 pandemic, the business entrepreneurs of union territory of Jammu and Kashmir are facing huge hardships to manage the business operations in terms of bank loans, staff salaries, day to day expenses without getting any stability of business operations day by day.”
He further said that for setting up a new business venture in Jammu and Kashmir, the new business entrepreneur has to take all kinds of permission from the concerned departments to get it successfully done but in the last three years nothing new has happened to the survival of the businesses in Jammu and Kashmir.
Babar said that there has been a considerable rise in the number of registered entrepreneurs in Jammu and Kashmir and central and state governments should devise new beneficial plans and initiatives for young entrepreneurs of Jammu and Kashmir so that the business units will flourish and the economy will reach new heights.