Situation of IIOJK economy very grim: KTMF

Srinagar, June 14 (KMS): In Indian illegally occupied Jammu and Kashmir, Kashmir, Traders and Manufacturers Federation (KTMF) has nominated senior trade union leader Mohd Rajab Kochay as its new president, while the Kashmir Economic Alliance has suggested setting up a separate financial institution to take trade out of the current financial crisis.

A spokesman of the KTMF while addressing press conference said that Kashmir Traders and Manufacturers Federation nominated Mohammad Rajab Kochay as the new president, stating that the elections could not be held due to the Covid 19 epidemic in time. He said Fayaz Ahmed Butt was nominated as senior vice president, Muhammad Ayub Laway as general secretary and Nasrullah as spokesperson.

The press conference was attended by Kashmir Economic Alliance Co-Chairman Farooq Ahmed Dar, chief spokesperson Mohammad Sidique Ronga, Central Contractors Coordination Committee Secretary Arshad Ahmed Butt and House Boat Owners Association, Spokes-person Muhammad Yaqub Doon besides other business leaders.

Speaking to the media Kochay said that due to the problems of traders and the crisis situation of the last two years, the situation is very grim. He said that in order to strengthen the Federation, he will always strive to solve the problems faced by the traders.

On the occasion, Co-chairman of Kashmir Economic Alliance (KEA) Farooq Ahmed Dar said that the effort he had started some time back to unite the business community would continue. Dar said trade had incurred a deficit of Rs 50,000 crore in the last two years, and a separate financial institution was needed to revive the trade sector.

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