Following the events of August 5, 2019 Kashmir has suffered a setback in its commerce dealings with various industries suffering notable losses. 2019 was followed by the pandemic which inflicted further damage to the trade in the valley.
Now Kashmir Chamber of Commerce and Industries (KCCI) has revealed that Kashmir’s economy has suffered a staggering loss of over Rs 50,000 crore losses while around one lakh youth lost their jobs during the same period.
KCCI President Sheikh Ashiq said, “of Rs 50,000 crore loss, around Rs 10,000 crore loss has been incurred in this year due to the lockdown.”
“Every segment of the economy suffered huge losses and it will take years to revive our business and without government support it isn’t possible,” he said.
Ashiq said that business in Kashmir is going on a very thin line and they aren’t expecting any big things to happen presently.
He said that as there are still travel restrictions in many countries and as per World Economic reports till 2022 there won’t be such investments as were happening before.
“We have wholeheartedly thanked LG Manoj Sinha for announcing an economic package for reviving the ailing business sector which gave us a bit of relief. However, many things which were mentioned in the package haven’t been implemented yet on ground,” he said.
He said that as unemployment rate is increasing which indicates less work in the market and it will take time to take business to normal stage again as it was before August 05.
“However, KCCI is making every effort to promote young and educated entrepreneurs of J&K and create more and more employment opportunities for youth of J&K in the private sector,” Ashiq said.
INFLATION A REASON
Kashmir Traders and Manufacturers Federation (KTMF) President Muhammad Yaseen Khan told KNO that business this year is down than last year because of inflation.
“There was good tourist season this year besides that horticulture sector has also fetched good amount but due to very heavy losses in last two years, no positive effects of such things were seen on ground,” Khan said
Khan said that prices of every commodity have increased unexpectedly and common people are facing its burnt.
He said that though unemployment rate is increasing in J&K but around one lakh people lost their jobs last year due to lockdown.
“Around 20 to 30 thousand people have been re-engaged,” he said—(KNO)