Jammu, Feb 28 (IANS): The J&K government is set to prepare an estimate of interest liabilities of industries operating in J&K owing to the situational difficulties being faced by these industries.

This was stated by Rohit Kansal, Principal Secretary (planning, development and monitoring), at a press conference here on Thursday.

He said after detailed discussions at a meeting of the administrative council, Lieutenant Governor G.C. Murmu directed the finance department to prepare an estimate of interest liabilities of industries operating in J&K owing to the situational difficulties being faced by them.

"It has been decided that the finance department will carry out this exercise in consultation with other departments such as industries department etc. The department will also prepare an estimate of the forebearings required to see that the local industries can be revived," Kansal said, adding that the industries department will also engage in a widespread stakeholder consultation in order to prepare a policy for incentivising the local industry on similar lines.

These consultations will be combined into a comprehensive package for having a vibrant industrial/tourist ecosystem in J&K, he added.

On the proposed investment summit, Kansal said the administrative council has reviewed the progress with regard to the proposed summit and accorded approval to four sector specific policies which would help facilitate investment in these sectors.

"The administrative council has also accorded approval to the creation of a post of Industries Commissioner in the industries department," he said.

J&K has suffered massive economic losses due to a lockdown and communication blockade after the abrogation of Article 370 on August 5, 2019.

The Kashmir Chamber of Commerce And Industry (KCCI) in its 'Economic Loss Assessment Report' released in December 2019 had said that Kashmir's economy had suffered a loss of Rs 17878.18 crore since August 5.