Srinagar May 27 (KNS): The Kashmir Trade Alliance (KTA) has called upon the government to announce a comprehensive economic revival package to address the severe market downturn and urged banks to adopt lenient approach towards borrowers, citing an "absolute slump" in business activity across the region.

In an official statement issued ot KNS, KTA President Aijaz Shahdhar highlighted the dire economic conditions currently facing local businesses, with markets experiencing significant downturns and commercial activities remaining largely idle.

"There is absolute slump in the market. Markets are witnessing economic downturn, businesses are sitting idle," Shahdhar stated, emphasizing the urgent need for government intervention.Click Here To Follow Our WhatsApp Channel

KTA  has specifically requested the government to implement a rehabilitation package that includes soft loans with favorable terms for affected businesses, interest subvention to reduce the financial burden on borrowers, suspension of municipal taxes to provide immediate relief to struggling enterprises, and a lenient approach by banks toward borrowers, particularly from Jammu & Kashmir Bank.

"We therefore request the government to announce a rehabilitation package centered around the fallout of Pahalgam attack, which should include interest subvention, soft loans, suspension of municipal taxes, lenient approach by banks towards borrowers particularly of J&K bank," Shahdhar elaborated.(KNS)