Severe Financial Crunch Hits Kashmir Treasuries, Contractors Appeal for Immediate Relief

The ongoing crisis has sparked widespread discontent, with contractors from various districts, including Bandipora, Kupwara, and Baramulla, voicing their concerns over delayed payments.

“We have completed our projects on time and in compliance with all government norms, yet our payments have been pending for months,” said Abdul Rashid, a contractor from Bandipora. “This delay is making it difficult to sustain our families and pay our workers.”

Irshad Ahmad, a contractor from Kupwara, echoed similar concerns. “The government encourages us to take up development projects, but when it comes to releasing payments, we are left waiting indefinitely. Many of us have taken loans to fund these projects and are now struggling with debts.”

The financial crunch is having a ripple effect, impacting laborers and suppliers reliant on timely payments from contractors. Bilal Ahmad, a supplier from Baramulla, stated, “Contractors owe us money for materials supplied months ago, but they can’t pay us because the government hasn’t cleared their dues. The entire supply chain is suffering.”

The delay in payments is also raising concerns about the completion of ongoing development projects in the Valley. Contractors fear the crisis could lead to significant project delays, affecting the region’s overall development.

Ghulam Nabi, a contractor from Pulwama, urged authorities to address the issue promptly. “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.”

Highlighting the gravity of the situation, Handwara lawmaker Sajad Gani Lone remarked, “Treasuries in Kupwara district are running dry, causing unimaginable suffering for contractors, laborers, and traders. This crisis is disrupting the entire economic cycle.”

Lone also expressed frustration with the lack of clarity on who to appeal to for resolution. “In this address-less government with parallel power centers, I don’t know who to approach. But as an elected representative, I appeal to the Chief Minister and the Finance Department to ensure funds are released immediately.”

Contractors and stakeholders across the Valley are now anxiously waiting for a resolution, warning that the ongoing crisis could have far-reaching consequences if not addressed swiftly.