Srinagar, Dec 7(KNS): The treasuries in Kashmir Valley are facing a severe financial crunch, leaving contractors and other stakeholders in distress, they complained on Sunday.
The Directorate of Accounts and Treasuries has been grappling with the issue for several weeks, leading to delayed payments for completed projects and causing widespread discontent among contractors.
Kashmir News Service (KNS) has received multiple calls from contractors and stakeholders across districts like Bandipora, Kupwara, and Baramulla, highlighting the adverse impact of the ongoing crisis.
A contractor from Bandipora, Abdul Rashid, expressed his concern. "We have completed our projects on time, adhering to all government norms. However, our payments have been pending for months. How are we supposed to sustain our families and pay our workers without being paid?"
Another contractor from Kupwara, Irshad Ahmad, said, "The government encourages us to take up development projects, but when it comes to releasing payments, we are left waiting endlessly. Many of us have taken loans to fund these projects, and now we are burdened with debts."
The issue has also started affecting laborers and suppliers dependent on contractors for wages and payments. Bilal Ahmad, a supplier from Baramulla, said, "Contractors owe us money for materials supplied months ago, but they can't pay us because the government hasn’t released their dues. This delay is hurting the entire chain."
The financial crunch has led to concerns about the completion of ongoing projects in the region.Click Here To Follow Our WhatsApp Channel
Contractors fear that without timely payments, projects may face delays, affecting the overall development in the Valley.
They ured the government to resolve the issue on priority. "We appeal to the Lieutenant Governor and the Finance Department to intervene. If payments are not released soon, many of us will be forced to stop working on government projects," said Ghulam Nabi, a contractor from Pulwama.
"The situation is alarming. Treasuries running dry not only impacts contractors but also disrupts the entire economic cycle. The government must take immediate steps to release funds and ensure the smooth functioning of the system," another group of contractors said.
"Treasury in District Kupwara running dry. Not that it is very different is other districts. But Kupwara district is a chronic case," said Handwara Lawmaker, Sajad Gani Lone.
"This has meant unimaginable suffering for the contractors and along with them thousands of labourers and traders whose bills also remain unpaid in the supply chain system," he said, adding that in this address less government with parallel power centres I don’t know who to appeal to. "But being an elected MLA I appeal to our CM and the concerned minister to please ensure that funds are sent," he added.(KNS).