PHD Chamber of Commerce, Industry felicitates Drabu for signing FDI agreement

Government will help you to overcome financial crunch: FM tells business community

Jammu, Publish Date: Feb 15 2018 12:38AM | Updated Date: Feb 15 2018 12:38AM
PHD Chamber of Commerce, Industry felicitates Drabu for signing FDI agreementPhoto: Mir Imran/GK

Finance Minister HaseebDrabu on Wednesday  assured the businessmen that the state government would help them to overcome the financial crunch which they have been facing for the past few years. 

Speaking at a felicitation function organized by PHD Chamber of Commerce and Industry here, Drabu said, “I am aware of the issues being faced by businessmen of the state and I know it very well that doing business in J&K has been tougher since the 2014 floods and due to the constant agitations. Since the past two decades, the financial situation in the state has never been as bad as it is today.”

Chamber had organized a function to felicitate the Finance Minister for signing the first ever Foreign Direct Investment agreement with Dubai Ports and the latest budget he presented in the Assembly. 

Education Minister Syed AltafBukhari, Minister for Horticulture Syed BasharatBukhari, Minister for Industries and Commerce Chander Prakash Ganga, Deputy Speaker NazirGurezi, senior politician Dilawar Mir and others were also present on the occasion.

The Finance Minister said, “I will try and support you on the issues of bank finance. I have already worked out some good schemes so that the businessmen do not get squeezed out for credit. Personally, I do not think that restructuring of loans is the way to go and I would advise the business community to adjust their systems for now, as the state government is trying to help and support them and to tide them over this financial crunch,”

He said, “I met the Governor of the Reserve Bank of India and held extensive discussions with him about the condition of business in the state.”

Drabu said that he was told that the laws cannot be changed for a particular state or a particular bank.

“ I would speak to them again and try to find out ways to help the community,” he added. 

The Minister also said, “There is going to be 6-8 months of stress but the GST will provide large scale benefits to the state. The state will get closer to economic autonomy. In the next 3-4 months, the entire system of bills submitted to the government will be revamped. Instead of the 9-10 months bills will be released within 14-15 days.”

He also informed that carpets will be taxed at 5% and not at 12% GST. “We will try to support our business community in every possible way we can. We are the only state in the country which has given incentives to businessmen,” he said.

Drabu also praised AltafBukhari, BasharatBukhari and Ganga for being supportive and always lending a helping hand. He said, “It is a team work and not a one man show. These people have always motivated me and I am very happy to be a part of this team. I have found my support in my team and the various stakeholders of the state.” He also thanked the CM for her remarkable leadership.

Chairman of PHD Chamber of Commerce and Industry, Kashmir division, Mushtaq Ahmed Chaya delivered the keynote address on the occasion. He thanked the Finance Minister for the remarkable work he has done and asked him to continue the good work.

President FCIK Muhammad Ashraf Mir, President Joint Schools Association ShowkatChowdhary, Chairman NTTA Manzoor Ahmed Wangoo and Co-Chairman PHD Chamber Baldev Singh also spoke on the occasion and thanked the Finance Minister for his vision and great acumen. They also apprised him about the various issues being faced by the business community.

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