Describing the prevailing political situation in Jammu and Kashmir [Images] as "grave," opposition National Conference on Sunday said the prosperity and development of India and Pakistan depend on the resolution of Kashmir issue.

The secret to prosperity and development of India and Pakistan lies in the honourable and peaceful resolution of Kashmir issue, former NC Minister and leader of opposition Abdul Rahim Rather said addressing a convention of party's youth wing at Akad-Pahalgam, 80 kms from Srinagar [Images].

He said the people of the state were passing through a crucial phase as the prevailing politicial situation was "grim and people facing financial crunch, large scale corruption, waywardness and nepotism."

"We have a government at the helm of affairs in the state which has no regard for the honour and prestige of the people," Rather said terming the four-year tenure of the coalition government in the state as "anti-people."

The people have got nothing but tears and sorrow and are facing endless miseries. The present government has left aside the democratic values and supremacy of Constitution for petty interests, Rather alleged.