FCIK welcomes package with caution

In a statement,Federation Chamber of Industries Kashmir (FCIK) today welcome the economic revival package announced by the government today but stressed that it was limited to only some measures. Secretary General FCIK, Ovees Qadir Jamie  said: “We welcome the package, but it is limited to some measures and a lot has been left out”.

“The package has provided 5% interest subvention for six months only; the FCIK has demanded it for full financial year 2020-21,” the statement said.

“Previously, RBI has deferred the installments and interest till Aug 2020 and the same has been capitalized and rescheduled; the FCIK has demanded one-year deferment shall be implemented for repayments,” it said.

Further, on restructured loans and stress accounts “moratorium of 3 years and repayment schedule of 7-10 years shall be provided along with 5% interest subvention”.

The FCIK welcomed “the pending interest subvention of 2014 and 2016 rehabilitation scheme” but said the government has stopped providing the interest subvention to the accounts from 1st April 2019 onwards.