Post 5th August 2019 when all political activities came to halt other major issues were expected to come into limelight particularly Kashmir Economics. In a conclave “Kashmironomics” to be organized by some veteran national level business journalists at Delhi, Union Minister I&C will address & interact with the potential Investors in the Conclave. The statistical & graphical analysis of each individual business sector in J&K showing decline trend except very few.
Unfortunately, people seem less interested in this very important issue because of their past experience and outcome of the initiatives in this direction. As the conclave on Kashmir Economy at New Delhi is based on “not-for-profit” initiative the business community feels that outside investors are always hesitant to invest.
As per the news information the Government of J&K received forty (40) letters only from aspiring investors across the country. Our major power projects are running successfully on profitable investments. But the projects completed independently by J&K and expected the revenue generation from rest of the country are least earning entity. In addition Kashmiri Handicrafts faces a setback when it comes under GST slab even though it is known to all that most of the people associated with this field have meager income & low living standard. People think that “Health Tourism” project, on completion, will concentrate more on the income generation from the patients from rest of the country. Other potential sectors like Information Technology, Tourism, Real Estate, Telecom and Automobile are seen in similar way. Despite the above apprehensions on the previous & present steps taken on economic stability of J&K we have to think positivity. As we know that the “economic stability” is one of the key factors of peace and prosperity, Kashmiris always welcomes steps taken for the betterment of the people.
It is expected that the outcome of conclave on Kashmir Economy at Delhi followed by Investors Summit will play a pivotal role in real economic uplift of J&K. These programmes will prove a real boost for all sectors; from education to employment, tourism to technology. In view of potential capabilities of every sector the limited number of investors and well-wishers of economic development of J&K will realize their prospective investment. Even though in case of “not-for-profit” initiative it is expected that all reputed business personalities across country will come forward for generous investment and prove every apprehension wrong.
Few days back, I visited Saraf Kadal, Bohri Kadal, Malarata and adjoining areas known a business hub of Srinagar city for purchase of silver cover box for holy quran. It was a painful scene that all business establishments of the entire area were locked down. Somehow, I managed to purchase it and I left the place with a heartbroken feeling. Need of an hour is that our business community representatives like Economic Alliance, Kashmir Chamber of Commerce & others are take into confidence in order to convince the potential investors about the market. In the interest of economic stability all stakeholders must formulate a common goal.
By sincere efforts, and an appropriate relief package for business community, transporters, growers and others should figure in the outcome of the Conclave keeping in view the turmoil and natural calamities faced. Further, concrete step are to be taken to curb the alarming piled up Non Performing Assets (NPA) level which will help to boost confidence level in business community. A long pending demand to fix a zero GST on Kashmiri Handicrafts is also expected for recommendation, and to be taken in ensuing GST council meeting as another relief measure.
The toll tax, land allotment to the local businessmen issue and power supply on subsidized rates in Jammu will also to be taken up in the Conclave. Not only the Kashmiri apple but Cement Industry also should be developed in such a manner that this branded items will attract the national and international market. The success of the Conclave depends on the implementation of concrete recommendations so that it lays foundation for the Investors Summit in coming days or so.