Editorial | Reviving Business

As markets take a hit, and a severe one, in this pandemic, restoration of business activities would be the toughest challenge for the governments around the globe. The global institutions would have to think really hard to get things back on track. The way trade and manufacturing has been impacted in these months of lockdown, the process of revival would certainly take time. In this endeavour each layer of economy, global, national and local, needs to introduce a new dynamic in the business activities, and take pro-active steps to infuse some degree of confidence in the markets. Here in J&K the condition of business is worse than many other places. This place is already faced with the challenges of very weak manufacturing sector.

Whatever exists in the name of industries is besieged by vulnerabilities. The service sector is also badly hit because of lockdown. Tourism was often projected as a major aqueduct through which money would flow into the valley. That too is completely dry, given the restrictions on travel during this pandemic. One of the major business activities Kashmir was the sale of handicrafts in the outside markets. There also pandemic has wreaked havoc. Another mainstay of our economy is orchids. Given the dip in purchasing power of individual household, and also the closure of hotels, this sector is also badly impacted. Just recently we saw how cherry was sold in the local market at a very low price. Given this scenario the task for the government is huge. It needs an extraordinary push to activate markets, and keep the manufacturers, orchidists, and handicraft entrepreneurs afloat. Short term measures apart, the concerned departments and the business community, would have think of long term plans to save businesses. If there is a long term vision, and preparations for the same are made in advance, we may succeed in minimising the adverse effects of this pandemic. The losses suffered till now cannot be fully recovered, but a futuristic policy can salvage our markets.