‘Revoking article 370 won’t help State’s economy’

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After the formation of an umbrella body of traders –Kashmir Economic Alliance – the   business community has been vocal against government’s indifference and its differential policies towards Valley. KEA, headed by noted businessman Mohammad Yasin Khan, brought in its fold all the trade bodies including hoteliers, houseboat owners, contractors, restaurant owners from across Valley to raise a united voice against government’s ‘indifferent’ polices for Valley business community In an interview with Rising Kashmir’s Online Editor Daanish Bin Nabi, Khan talks about Kashmir’s dependence on GoI and the issues faced by the local business community Excerpts:

·         Jammu and Kashmir has been lapsing into an economically more dependent state than it was before 1947. What has gone wrong?
India got divided and Kashmir too got divided which is the most unfortunate thing that happened with Kashmiris. Kashmir was never part of India or Pakistan. It was always an independent sovereign state.  Our maximum trade was with Central Asia. However, they closed all these historic roads and the only supply line that connects us with rest of the world is Srinagar-Jammu highway. Besides, we are at the tail end having to get raw material from other states. Local industries are totally dependent on government.  
·         As a Chairman of KEA, what is your contribution in opening of historic trade routes through Central Asia?
The LoC trade started in 2009 and was opened by India as well as Pakistan with trade routes through Trade Facilitation Centre at Salamabad in Uri and another through Poonch-Rawalakot route. However, the trade is not upto mark as it is the barter trade.  Neither India nor Pakistan is sincere about the trade. It only works as a CBM but nothing substantial happens for this LoC trade. The trade community of Jammu and Kashmir formed a chamber JK-JCCI in 2009 and first chairman was Zulfikar Abbasi from Azad Kashmir. A total of 44 bodies including KTMF, KCCI, FCIK and similar trade bodies from other side of the Kashmir also joined and formed JK-JCCI. In 2012, Dr. Mubeen Shah was the second president of JK-JCCI and in 2014 we have YV Sharma. We are in constant touch with both the governments.  We do our best to promote the trade but still lot needs to be done. I must also say that a lot depends on the relations between the two countries. It is not up to us but up to government of India and Government of Pakistan.  
·         Recently, there was a meeting between Omar Abdullah and Narender Modi and they discussed about satellite cities for Kashmiri Pandits. How do you see this development and its effects on trade of Jammu and Kashmir?
Trade fraternity will not allow Government of India to make satellite cities for Kashmir Pandits.  Recently, at a gathering I have made it aptly clear that the trade community of Jammu and Kashmir will not let it happen. Kashmiri Pandits are state subject of Kashmir they should come and be among us but not in satellite city.  If they create a satellite city, our business will suffer as we don’t have land. Large chunk of land is already occupied by the Army and security agencies. If we are again snatched of more 18,000 kanals of land, we will be left with nothing.  There is no need of creating such cities. It will create problem as was created due to Amarnath land row. It will be the repeat of 2008 unrest.  
·         Modi claimed that Article 370 has not helped J&K to improve economically. Do you think that revocation of article 370 will bring economic boom in J&K?
There won’t be any economic boom by revoking article 370.  
·         If you are against revocation of article 370, don't you think it acts as an obstacle for foreign investment from non-state subjects?
There is no link between the two.  They can come anytime. Big players like Taj Vevanta, Airtel, Aircel and other are here. They have already invested and are doing business. So, why is there a need to revoke article 370 to attract investment.
·         What have been the failures in the policies of the previous two regimes with regard to the economic development?
Honestly, speaking none of the Chief Minister’s has done anything. Nothing substantial happened in previous two governments as far as trade is concerned. There had been no development under the rule of any government. The development is taking place in Jammu and as far as Kashmir is concerned we do not have proper roads and have frequent traffic jams. There is no tourism or trade policy.  
·         Why is Kashmir Economic Alliance always asking government for extension of concessions of central sponsored schemes and subsidies when there has been economic revival for the last few years?
We have never sought any concession from GoI. We don’t expect any concession from them either because they rule us as per their wishes without consulting us. The wishes of the locals are never considered here..
·         Of late, J&K Bank has come in for severe criticism from KEA for not helping local investors. Why don't Valley businessmen shift to other banks and shun J&K Bank?
The other banks are not helping us as J&K bank is helping. They are not investing in Kashmir. There are cases of State bank of India, Punjab Bank and HDFC Bank which have invested less and that is why we are doing business with J&K Bank.
·         But you still criticize J&K Bank?
Yes, we had an issue with J&K Bank over the differential rate of interest they charge. They were charging 1% to 2% rate interest more to locals than the rate of interest they charge from customers in other part of India. On our insistence, J&K Bank reduced 1% rate of interests for local business community.
·         Why is state still lacking in industrial sector. Is there any scope to improve the already existing industrial infrastructure or create new one?
Yes, there is a lot of scope for improvement. But it is again the government which has to take the initiative. We can only support them and provide them with new ideas. At the end of the day, it is the government which has to take the initiative.
·         Has there been any effort to identify new potential areas that can contribute to state economy?
In tourism sector, there is a lot of scope and lot can be done for it. Our backbone is horticulture. I fail to understand why this state is unable to help farmers. Why doesn’t government come with a policy to accommodate our farmers so that there will be economy boom in the said sector also. There are number of harmful pesticides available in market. I fail to understand why government is not banning them.  


Published on 02/07/2014

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