BREAKING NEWS

12-08-2019     3 رجب 1440

Bleeding Economy

November 28, 2019 |

A prominent business conglomerate has come out with shocking figures about the scale of economic losses suffered by businesses in Kashmir in nearly four months of shutdown. Due to the prevailing crisis, hundreds and thousands of youth working in the service sector such as tourism and allied departments have been already issued pink slips by their employers. Now, reports say that the Valley alone has suffered over Rs 12,000 crore losses due to the spontaneous shutdown and curfew imposed by the authorities following the abrogation of J&K’s special status on August 5 and announcement of plans for bifurcation of the state into two union territories. According to the president of Kashmir Chamber of Commerce and Industry, the Valley’s most prominent conglomerate of businesses, many traders and entrepreneurs have shut shop due to the prevailing uncertainty in the Valley and the situation has reached a tipping point from where it will be “very difficult” for businesses to recover if immediate steps are not taken by the government. The KCCI has noted that the ban on internet was the main reason for the losses suffered by the Valley-based businesses. In this age of digitization, it is impossible for people to do business in absence of internet connectivity. According to reports, dozens of startups in IT sector that catered to the customers in the US, Europe and other developed countries, have been forced to either shut their businesses or move out of Kashmir. Similarly the tourism sector has been worst hit. The Valley’s famed resorts such as Gulmarg and Pahalgam present the looks of haunted places because tour and travel operators have been forced to halt their hunt for tourists due to lack of internet connectivity. The KCCI has already met the Governor over the issue of internet suspension in the Valley. While security concerns might have guided the decision of the authorities, three months of relentless internet shutdown is the main reason why the economy of Kashmir has suffered so badly. If one can’t place online orders or make online payments, how is the business supposed to run? The state administration as well as the central government needs to give a fresh thought to the rationale that allows security concerns to prevail over the concerns of Kashmir economy, especially in the light of statements from the central government in the apex court that the situation in the Valley was showing signs of improvement.

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Bleeding Economy

November 28, 2019 |

A prominent business conglomerate has come out with shocking figures about the scale of economic losses suffered by businesses in Kashmir in nearly four months of shutdown. Due to the prevailing crisis, hundreds and thousands of youth working in the service sector such as tourism and allied departments have been already issued pink slips by their employers. Now, reports say that the Valley alone has suffered over Rs 12,000 crore losses due to the spontaneous shutdown and curfew imposed by the authorities following the abrogation of J&K’s special status on August 5 and announcement of plans for bifurcation of the state into two union territories. According to the president of Kashmir Chamber of Commerce and Industry, the Valley’s most prominent conglomerate of businesses, many traders and entrepreneurs have shut shop due to the prevailing uncertainty in the Valley and the situation has reached a tipping point from where it will be “very difficult” for businesses to recover if immediate steps are not taken by the government. The KCCI has noted that the ban on internet was the main reason for the losses suffered by the Valley-based businesses. In this age of digitization, it is impossible for people to do business in absence of internet connectivity. According to reports, dozens of startups in IT sector that catered to the customers in the US, Europe and other developed countries, have been forced to either shut their businesses or move out of Kashmir. Similarly the tourism sector has been worst hit. The Valley’s famed resorts such as Gulmarg and Pahalgam present the looks of haunted places because tour and travel operators have been forced to halt their hunt for tourists due to lack of internet connectivity. The KCCI has already met the Governor over the issue of internet suspension in the Valley. While security concerns might have guided the decision of the authorities, three months of relentless internet shutdown is the main reason why the economy of Kashmir has suffered so badly. If one can’t place online orders or make online payments, how is the business supposed to run? The state administration as well as the central government needs to give a fresh thought to the rationale that allows security concerns to prevail over the concerns of Kashmir economy, especially in the light of statements from the central government in the apex court that the situation in the Valley was showing signs of improvement.


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Owner, Printer, Publisher, Editor: Farooq Ahmad Wani
Legal Advisor: M.J. Hubi
Printed at: Abid Enterprizes, Zainkote Srinagar
Published from: Gulshanabad Chraresharief Budgam
RNI No.: JKENG/2010/33802
Office No’s: 0194-2451076, 9622924716 , 9419400056
Postal Regd No: SK/135/2010-2019
Administrative Office: Abi Guzer Srinagar

© Copyright 2018 brighterkashmir.com All Rights Reserved.