The region of Jammu & Kashmir has, for decades, endured a series of political, social, and natural crises. Its economy largely depends on tourism, agriculture, and small-scale trade. Unfortunately, in recent years, the persistent hardships faced by the people and business community have shaken the very foundations of the region’s social and economic life. Recently, the Pahalgam terror attack and the subsequent war-like situation not only created fear and insecurity but also severely affected tourism—a sensitive sector that provides livelihood to countless local families. The dramatic drop in tourist inflow has caused immense financial losses to local hotels, transporters, and small businesses.
On top of this, natural disasters have continued to exacerbate the situation. Cloudbursts in Chashoti, Kishtwar, Doda, and Kathua, landslides along the Mata Vaishno Devi track, and devastating floods across the Jammu division have destroyed homes, shops, and critical infrastructure. Many business activities have been halted, and ordinary citizens struggle to meet their daily needs.
In this context, the letter sent by Sh. Arun Gupta, President of the Chamber of Commerce & Industry, to the Regional Director of the Reserve Bank of India is highly significant. His demands are reasonable: banks must adopt relief measures considering the prevailing hardships. Expecting business owners and individuals to continue repaying loans and credit interest under such circumstances is unrealistic. The Reserve Bank must urgently instruct banks to reschedule loan installments, provide interest concessions, extend relief on credit limits, and, most importantly, refrain from declaring accounts as Non-Performing Assets (NPA) due to non-payment.
However, this issue extends beyond the Reserve Bank. The central government must also address these challenges seriously. Repeated disasters in Jammu & Kashmir have weakened the local economy to a dangerous extent. A special relief package is essential. The government should provide subsidized loans, tax concessions, and funds for reconstruction of infrastructure for both business owners and ordinary citizens. Farmers, whose crops have been destroyed by floods and heavy rains, must also receive targeted relief.
Moreover, this is a time for unity and collective action, transcending political differences. Political leaders at both the state and national levels must work together to ensure timely relief for the people. Local institutions and civil society should be involved to ensure that rehabilitation measures are delivered efficiently and transparently.
The harsh reality is that the people of Jammu & Kashmir have faced one disaster after another in recent months. Their businesses, livelihoods, education, and daily routines have been severely disrupted. Failure to take immediate and meaningful action will not only weaken the local economy further but also erode public trust in institutions. Now is the moment for the government and agencies to provide practical support so that citizens can regain stability and contribute to a brighter future for Jammu & Kashmir.DD
